EFCC Arraigns Bigibet Promoter, Firm for Alleged N855m Investment Fraud in Lagos

Court

By JUMOKE SANNI

The Lagos Zonal Directorate 2 of the Economic and Financial Crimes Commission, EFCC, on Wednesday, July 8, 2025, arraigned one Adepoju Emmanuel Abiodun, promoter of Bigibet, before Justice O.A.Okunuga of the State High Court sitting in Ikeja, Lagos.

Abiodun and his company , Nobelsteed Nigerian Limited, are being prosecuted on a 10-count charge bordering on stealing and obtaining under false pretence to the tune of N855m.

In 2021, he allegedly approached the petitioner to introduce Noblesteed, which he claimed was primarily into gaming business(lottery business).

He told the petitioner that he was raising capital for the proposed lottery business and also urged him to invest in Noblesteed’s equity capital.

It was also alleged that the defendant convinced the petitioner that he had been in the industry for a long time.

In view of this, the petitioner allegedly keyed into it and also got some other people to invest in the Noblesteed.

It was further alleged that a total sum of N855,000,000.00 (Eight Hundred and Fifty-Five Million Naira) was paid into Abiodun’s nominated bank account as deposit for shares in the purported capital-raising exercise.

The defendant, however, allegedly reneged on his promise and failed to refund the investors.

One of the counts reads: ”That you, Mr. Adepoju Emmanuel Abiodun, Noblesteed Nigeria Limited, sometime between June, 2021 and September, 2021 in Lagos, within the Ikeja Judicial Division of this Honourable Court, deceitfully obtained the total sum of N855,000,000.00 (Eight Hundred and Fifty Five Million Naira) only, from several unsuspecting persons, through your GT Bank Account No. 0591549473, by falsely representing to them that the said amount was an investment for the purchase of Equity Share Capital of Noblesteed Nigeria Limited, which representation you knew to be false, thereby committed an offence Obtaining money by false pretence contrary to sections 1(1) (a) and 1(3) of the Advance Fee Fraud and Other Fraud Related Offences