The Federal High Court sitting in Ikoyi has adjourned to October 9th, 2023, for arraignment Elixir Asset Management Limited, Elixir Investment Partners Limited.
This was done alongside with two of their Directors Clara-Bittinger Mshelia-Whyte and Sarah Ogbemudia over N3 billion fraud.
The Securities and Exchange Commission in a statement made available to Nairametrics said the adjournment follows the absence of counsel to the accused persons which stalled the arraignment.
They had been dragged before the Federal High Court sitting in Ikoyi, Lagos on allegations of fraud to the tune of over N3 billion.
According to SEC, when the matter came up before Justice Yelim Bogoro of Court 5, the court was informed that the counsel to the defendants was unavoidably absent due to Ill health.
The Presiding Judge, apparently displeased that the counsel to the accused did not formally inform the court of his ill health, described his actions as discourteous to the court and subsequently adjourned the case to October 9, 2023, for arraignment.
- Bogoro said: “That is not a very good presentation that the council will not reach out to the court. Their counsel is supposed to be here to defend them. He cannot stay in Abuja and claims he has stomach upset. The defence has not written to the court that he is ill, which is discourteous to the court.
- I will adjourn this matter till 9th October, and he should ensure that he is in court on that date”.
Allegations and Charges Against the Defendants
SEC noted that during the last adjourned date, the defendant, Mshelia-Whyte and Ogbemudia failed to honour the court invitation.
This made Justice Bogoro grant the wish of the counsel from the office of Attorney General Moshood Adeyemi, to issue the defendant criminal sermon and set a date for the next appearance for July 11, 2023.
The Commission explained that in a four-count charge brought against the companies and their promoters by the Federal Republic of Nigeria.
They were accused of offering for subscription an unregistered product ‘Elixir Treasury Product’ valued at over N3 billion to the investing public including Toyota Nigeria Ltd, Kaduna Industrial and Finance Company and others.
- “According to the charge, the defendants are alleged to have committed a felony to wit: with the common intent conspired among themselves together with Samuel Aikhonbare, Christopher Edordu, and their other staff to do an illegal act by luring the investing public including Toyota Nigeria Limited and others by offering them an unregistered product called ‘Elixir Treasury Product’ and thereby committed an offence contrary to and punishable under Section 516 of Criminal Code Act Laws of the Federation of Nigeria, 2004.
- The defendants are also alleged to have conspired among themselves to do an illegal Act- diversion of Investment funds belonging to the investing public including Toyota Nigeria Limited, Kaduna Industrial and Finance Company, and others and thereby committed an offence contrary to and punishable under Section 516 of Criminal Code Act Laws of the Federation of Nigeria, 2004,” SEC said.
According to the Commission, the Charge stated:
- “That you Elixir Investment Partners Ltd and Clara-Bittinger Mshelia-Whyte both of No. 95 Medical Guild Close, V/I Lagos on or between the year 2019 and 2021 within the jurisdiction of this honourable court did commit a felony to wit: diversion of investment funds to the tune of N3,213,700,150 belonging to the investing public including Toyota Nigeria Limited, Kaduna Industrial and Finance Company and others.
- You thereby committed an offence contrary to and punishable under section 383 (2) (f) of Criminal Code Act, Laws of the Federation of Nigeria, 2004 and punishable under Section 390 (7) of the same Act”.
The allegations against Elixir’s Clara-Bittinger Mshelia-Whyte must have been as result of some mixed up due to the fact Clara is a person of good character and good ethics. Am sure by 9th October, 2023, she will definitely clear herself and return to her normal professional dealings. She maintains a perfect characte, with honesty and integrity through out her successful career. Wish you all the best Clara.