Investors Threaten Legal Action Against Ikeja Chambers Of Commerce, Industry And Agriculture

A group of investors has threatened legal action against the Ikeja Chambers of Commerce, Industry and Agriculture (ICCIA) over the non-payment of their capital and agreed returns on investment.

The investors have given a seven-day ultimatum through a letter addressed to the President of ICCIA dated June 27, 2025, a copy which is available with ValidViewNetwork.

ValidViewNetwork reports that the President of ICCIA, Dr Edward Olutoke, a self-acclaimed poverty fighter, has reportedly been tagged a poverty creator arising from the inability of the investors to secure their capital.

In a strongly worded letter, the investors requested the immediate payment of their capital and the return on investment as contained in the Memorandum of Understanding.

They lamented the breach of contractual obligations by ICCIA and non-fulfilment of repeated promises to refund the Capital and the Returns on Investment.

The letter read : “Despite repeated promises to refund the Capital and the Return on Investment by the Chambers, we note with grave concern that the Chambers have failed to honour its obligation but have rather remained evasive and incommunicado”.

ValidViewNetwork reports that Dr. Edward Olutoke operating under the name Ikeja Chamber of Commerce, Industry and Agriculture, has allegedly defrauded many Nigerians, including widows, widowers, pensioners, and vulnerable families by promising high investment returns.

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The investors in the letter jointly signed by Messrs Wumi Adegoke, Peter Oluomo and Kehinde Awolola alleged that the continued delay of the payment of the capital of the investors and Returns on investment is a violation of the principle of the Memorandum of Understanding (MoU) they had with ICCIA in May 2024.

They further alleged that the action of ICCIA by not refunding as promised is tantamount to fraudulent misrepresentation and obtaining money under false pretences.

The letter read: “This continued delay amounts not only to a breach of the contractual obligations under the MoU but also to fraudulent misrepresentation and obtaining money under false pretence”.

The investors are demanding immediate repayment of their funds, warning that failure to comply will lead to legal proceedings, ValidViewNetwork reports.

The Ikeja Chambers of Commerce, Industry and Agriculture (ICCIA) is yet to respond to the allegations and efforts to reach Dr. Edward Olutoke has not been successful as of press time.