Investors sue ex-police commissioner, Aderemi Adeoye, over N1.4bn dispute

Justice A.M. Lawal of the Lagos High Court in Ikeja has adjourned further hearing in the suit filed by 32 investors against former Anambra State Commissioner of Police, Aderemi Adeoye, and four others, to November 25, 2025.

The adjournment followed a request from the defendants’ counsel to respond to an application filed by the claimants.

During the proceedings yesterday, Mr. Deji Adeyeye appeared for the claimants, while Mrs. A. Amonwe represented the 1st to 4th defendants.

Claimants’ counsel, Mr. Adeyeye, attempted to move an application, but was opposed by Mrs. Amonwe, who told the court: “My Lord, I have just been served and I need to respond to this application on points of law.”

The claimants are seeking a court order compelling the defendants to give a full account of all funds collected from them and disclose properties acquired by Alpha Trust Investment Club (ATIC) since its inception.

In Suit No. ID/11520GC/MW/24, the claimants allege that at the time of their expulsion from ATIC, their total investment stood at ₦1,449,156,450.00 (one billion, four hundred and forty-nine million, one hundred and fifty-six thousand, four hundred and fifty naira).

They accuse the former police commissioner of running ATIC—allegedly valued at over ₦20 billion—exclusively via Facebook, with no physical office or structure.

The claimants include Ronke Iyabode Adejare, Kingsley Nwabugwu, Henry Adebayo, Dr. Adesoji Adeniyi, and 28 others.

The suit is filed against Aderemi Adeoye, Mr. Egbele David Kaykay, Mr. Babatunde Olarenwaju Akanbi, ATIC (Eti-Osa) Cooperative Multipurpose Society Ltd, and the Director of Cooperatives, Lagos State Ministry of Commerce, Cooperatives, Trade and Investment.

The claimants are asking the court to declare as unlawful the unilateral valuation of their shares without an independent audit and the alleged refusal to allocate lands they fully paid for before being expelled from the club.

They also allege refusal by the defendants to hold elections into ATIC’s Board of Trustees and Executive Committee, as well as failure to subject the club’s accounts to independent audits.

Consequently, they seek the following reliefs:

“A full account of all monies collected and properties acquired by ATIC from inception.”

“An independent audit conducted by a certified accountant appointed by the President of ICAN.”

“An investigation by the 5th defendant to determine ATIC’s compliance with Lagos State cooperative laws.”

In a 54-paragraph sworn statement, the 28th claimant, Oluwasegun Akinyemi Akindele, stated that the claimants are Nigerians residing in the UK, U.S., Canada, Cyprus, Australia, and Nigeria.

Akindele explained that many investors were drawn to the club through the 1st defendant’s Facebook page, where he presented himself as “a principled police officer and anti-corruption advocate.”

He said that in 2017/2018, Adeoye proposed setting up an investment club focused on real estate and stock market investments, assuring members that financial experts would manage it while he served in an advisory role.

Members reportedly paid into a Guaranty Trust Bank account under the name “ATIC Venture and Business Services.”

However, they later discovered that the club was registered as a private business allegedly owned by Adeoye, Kaykay, and Akanbi.

Akindele further alleged that members who demanded transparency, such as creating a board of trustees, establishing a physical office, and setting up a website, were labelled “toxic” or “rebels” by the defendants.

Despite contributing over ₦332 million between 2018 and 2023, the claimants said they received neither title documents nor credible investment records.

Properties allegedly acquired include:

Manhattan Phase 2 Estate, Abuja – 200 plots

Bridge Estate and Ocean View Estate, Ibeju-Lekki

Miami Beachfront – 500 plots

Epe Pavilion Estate – 600 plots

Ansfield Garden (ATIC City)

Swiss Luxury Estate

CITA Estates 1 & 2, among others

Akindele also claimed that members were enticed into a “Customised Crypto Investment” scheme, promising 10% monthly returns, allegedly guaranteed by Adeoye himself.

Despite the billions allegedly collected, claimants stated that no land was ever allocated and no receipts or title documents were produced.

They further alleged that most of the lands were never paid for by the defendants despite members’ financial contributions.