Former Anambra Police Commissioner, Others Face Legal Action as N1.4bn Investment Row Hits ATIC

 

LAGOS — A storm of controversy has engulfed the Alpha Trust Investment Club (ATIC) as 32 aggrieved investors, claiming a combined stake of over N1.4 billion, have initiated a legal battle against a former Commissioner of Police in Anambra State, Aderemi Adeoye, and four others. The legal action, now pending before the Lagos State High Court in Ikeja, brings into focus concerns over the club’s unorthodox management and alleged lack of transparency.

Filed under suit number ID/11520GC/MW/24 and presided over by Justice A.M. Lawal, the claimants—represented by senior lawyer Olu Daramola (SAN) of Afe Babalola & Co.—allege that ATIC, purportedly valued at over N20 billion, was operated by Adeoye almost exclusively via Facebook, with no physical office, board structure, or recognized financial protocols.

According to court filings, the investors, who are a mix of Nigerian professionals at home and in the diaspora—including the UK, US, Canada, Cyprus, and Australia—say they were lured into joining ATIC between 2017 and 2018 following Adeoye’s popular online persona as an anti-corruption crusader and principled law enforcement officer.

Among the lead claimants are Ronke Adejare, Kingsley Nwabugwu, Henry Adebayo, and Dr. Adesoji Adeniyi. They have sued Adeoye alongside three other alleged stakeholders: Egbele David Kaykay, Babatunde Olarenwaju Akanbi, ATIC (Eti-Osa) Cooperative Multipurpose Society Ltd, and the Lagos State Director of Cooperatives.

The investors are urging the court to nullify what they describe as an illegal and unilateral valuation of their shares following their controversial expulsion from the club. They also demand that an independent forensic audit be conducted by an accountant appointed by the President of the Institute of Chartered Accountants of Nigeria (ICAN), to ascertain the true financial position of the organization.

At the heart of the dispute lies a catalogue of grievances: refusal to allocate real estate plots despite full payments, exclusion from the club without due process, and suspicions of misappropriation. The investors argue that contributions totaling N1.449 billion were pooled, but neither land titles nor credible financial reports have been presented.

At the court session held Thursday, Deji Adeyeye appeared for the claimants, while Mrs. A. Amonwe represented the first through fourth defendants. A.A. Moheeb, Deputy Director of the Lagos State Ministry of Justice, stood for the fifth defendant. The court allowed the defendants’ request to change legal representation and adjourned proceedings to June 26, 2025, when the claimants’ application for the appointment of an independent auditor is expected to be heard.

In a 54-paragraph sworn affidavit, Oluwasegun Akindele, the 28th claimant, laid out further details of the alleged financial irregularities. He disclosed that members were initially told ATIC would be professionally managed, with Adeoye serving in only an advisory capacity. However, it later emerged, he claims, that the organization had been registered privately as a business entity co-owned by Adeoye, Kaykay, and Akanbi.

Akindele revealed that over N332 million was funneled into the group between 2018 and 2023, primarily via a GTBank account under the name “ATIC Venture and Business Services.” Despite these funds, he said, no verifiable investments were made and no documentation relating to promised land acquisitions was ever shared.

Properties allegedly acquired using members’ funds include vast plots in locations such as Ibeju-Lekki, Abuja, and Epe—specifically, 200 plots in Manhattan Phase 2 Estate, 500 in Miami Beachfront, and 600 in Epe Pavilion Estate. Other listed sites include Bridge Estate, Ocean View Estate, Ansfield Garden (also called ATIC City), Swiss Luxury Estate, and CITA Estates 1 & 2.

Additionally, Akindele said some investors were persuaded to buy into a so-called “Customised Crypto Investment” scheme fronted personally by Adeoye, with promises of a 10% monthly return—promises that ultimately failed to materialize.

The claimants are also seeking an investigation by the Lagos State Director of Cooperatives into ATIC’s adherence to cooperative laws, further alleging that most of the supposed land acquisitions were either never finalized or paid for.

As the case resumes in June, the court’s decision may serve as a precedent for how investment platforms—especially informal, digitally driven ones—must operate within Nigeria’s legal and regulatory frameworks.