32 investors sue ex-Anambra police chief over club’s N1.4bn

Thirty-two aggrieved investors have dragged a former Commissioner of Police in Anambra State, Aderemi Adeoye, and four others before the Lagos State High Court, in Ikeja, seeking a full account of funds and assets managed under the Alpha Trust Investment Club.

The suit, marked ID/11520GC/MW/24 and pending before Justice A.M. Lawal, alleged that the total combined investment of the claimants at the time of their expulsion from ATIC amounted to N1,449,156,450.00 (One Billion, Four Hundred and Forty-Nine Million, One Hundred and Fifty-Six Thousand, Four Hundred and Fifty Naira).

The claimants, through their counsel, Olu Daramola (SAN), of Afe Babalola & Co., accused Adeoye of managing ATIC, allegedly valued at over N20bn, entirely through Facebook, without a physical office or formal corporate structure.

The claimants, led by Ronke Adejare, Kingsley Nwabugwu, Henry Adebayo, Dr. Adesoji Adeniyi, and others, are suing Adeoye alongside Egbele David Kaykay, Babatunde Olarenwaju Akanbi, ATIC (Eti-Osa) Cooperative Multipurpose Society Ltd, and the Lagos State Director of Cooperatives.

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Among other reliefs, the investors are asking the court to declare unlawful the unilateral valuation of their shares without an independent audit; the refusal to allocate land they fully paid for, their expulsion from the club without due process and the management of ATIC as a private entity devoid of transparency and accountability.

They also want the court to compel an audit of ATIC’s finances and assets by a certified accountant appointed by the President of the Institute of Chartered Accountants of Nigeria, and to direct the Lagos State Director of Cooperatives to investigate ATIC’s compliance with relevant cooperative laws.

At the hearing of the matter on Thursday, Deji Adeyeye represented the claimants, while Mrs. A. Amonwe appeared for the first to fourth defendants.
Deputy Director A.A. Moheeb of the Lagos State Ministry of Justice represented the fifth defendant.

The court granted the defendants’ application to change counsel and adjourned the matter to June 26, 2025, for the hearing of the claimants’ application to appoint an independent auditor.

In a sworn 54-paragraph affidavit, the 28th claimant, Oluwasegun Akindele, stated that the investors are Nigerians living in the UK, U.S., Canada, Cyprus, Australia, and Nigeria.

He said many joined ATIC after following Adeoye’s popular Facebook page, where he presented himself as an anti-corruption advocate and principled police officer.

Akindele stated that Adeoye initiated ATIC in 2017/2018, promoting it as an investment platform focused on real estate and the stock market.

He said members were told the club would be managed by finance professionals, with Adeoye serving only in an advisory role.

Contributions were made into a GTBank account in the name of ATIC Venture and Business Services.

However, according to Akindele, the claimants later discovered that ATIC had been registered as a private business allegedly co-owned by Adeoye, Kaykay, and Akanbi. When members demanded accountability, the defendants reportedly labelled them “toxic” and expelled them from the group.

The affidavit also revealed that over N332m was contributed by members between 2018 and 2023, yet no credible proof of investment or title documents was ever provided. Properties allegedly acquired with members’ funds include 200 plots in the Manhattan Phase 2 Estate, Abuja; Bridge Estate and Ocean View Estate, Ibeju-Lekki; 500 plots in Miami Beachfront; 600 plots in Epe Pavilion Estate; Ansfield Garden (ATIC City), Swiss Luxury Estate, and CITA Estates 1 & 2.

Akindele further alleged that some members were persuaded to invest in a “Customised Crypto Investment” scheme, personally promoted by Adeoye, which promised a guaranteed 10% monthly return.

Despite the promises and funds collected, the claimants said no land was ever allocated and no valid documents issued. They also alleged that most of the properties in question were never actually paid for by the defendants.
The case was adjourned to June 26, 2025, for further proceedings.