In a landmark ruling on Tuesday, June 11, 2024, the Federal High Court sitting in Abuja has sentenced Mariam Suleiman, CEO of Famzhi Interbiz Ltd, to five years in prison for defrauding investors of over N2 billion.
Justice Inyang Ekwo delivered the judgment, finding Suleiman and her company guilty on multiple counts of conspiracy and operating an illegal investment scheme.
Justice Ekwo sentenced Suleiman to three years for conspiracy and two years for illegal investment operations, with both sentences to run concurrently.
The court also ordered the liquidation of Famzhi Interbiz Ltd, directing that the proceeds from asset sales be used to compensate defrauded investors.
Despite her denial, the court concluded that the prosecution’s unchallenged evidence conclusively proved the illegal activities of Suleiman and her company.
According to report reaching us at Greenbarge Reporters online newspaper, the legal battle leading to the verdict began in the year 2020 when the EFCC received petitions from the Forum of Famzhi Investors, alleging criminal misappropriation and money laundering, orchestrated against them by the management of Famzhi Interbiz Investment Company.
Part of the statement from the leading judge, Justice Inyang Ekwo read: “Famzhi in connivance with its staff, intentionally defrauded the Investors that runs in billions in naira, in which they used to acquire properties in Abuja ”
The judge said that Famzhi Interbiz management and its staff conspired without authorization and lured unsuspecting public to invest in their company, and that the act is punishable by law.
He said that the law prohibits investments that are made for participatory interests.
He said that such acts were done without prior registration with the Security and Exchange Commission by the company.
Despite attempts by the defendant’s legal team to challenge the jail pronouncement and the forfeiture through appeals, the court stood firm and pointed to the failure to substantiate legitimate acquisition of the assets in question.
The court concluded that the defendants obviously lured the Investors to invest more than two billion naira into the company when it was obvious that the company is not incorporated.
The court said that the provision in the law is imprisonment for between three and seven years.
It finally sentenced the first defendant three years imprisonment on the first count and three years on the second count, totalling six years imprisonment, which are to run concurrently.
The properties of the company will be forfeited and handed to Federal Republic of Nigeria, sold and the proceeds given as refund to Investors.
