Firms in court for illegal N3bn investments – SEC

The Securities and Exchange Commission on Thursday said the Federal Government had sued Elixir Asset Management Limited and Elixir Investment Partners Limited, along with two of their directors at the Federal High Court sitting in Ikoyi, Lagos over allegations of fraud worth over N3bn.

In a statement issued on Thursday by the SEC, it was revealed that four counts of fraud were levelled against the accused firms by the Federal Government.

They were accused of offering for subscription an unregistered product ‘Elixir Treasury Product’ valued at over N3b to the investing public including Toyota Nigeria Limited, Kaduna Industrial and Finance Company and others.

According to the statement, the charges against the defendants read, “That you Elixir Investment Partners Ltd of No. 95 Medical Guild Close, V/I Lagos on or between the year 2019 and 2021 within the jurisdiction of this honourable court did commit a felony to wit: diversion of investment funds to the tune of N3,213,700,150 belonging to the investing public including Toyota Nigeria Limited, Kaduna Industrial and Finance Company and others. You thereby committed an offence contrary to and punishable under section 383 (2) (f) of Criminal Code Act, Laws of the Federation of Nigeria, 2004 and punishable under Section 390 (7) of the same Act.”