Fraud Trial Ongoing, Yet Alleged Scammer Still Soliciting Investors
Written By Dedeigbo Samson Ayodeji
Posted By Town Crier News Nigeria
Published By Fitness Network Communications
Despite facing trial over an alleged multi-million naira investment fraud, self-styled financial advisor Oluwatomilola Balogun is reportedly still seeking new investors prompting concerns that more unsuspecting individuals could fall victim.
Balogun is currently standing trial before the Lagos High Court in Tafawa Balewa Square on four counts of obtaining money under false pretenses.
Prosecutors allege she defrauded investors of ₦68.6 million and $10,000 between February 2019 and December 2021 through her companies, Twelvest Ltd. and Vestract Ltd.
According to state counsel Ade Erinkitola, Balogun lured clients with promises of high-yield returns that never materialized.
The charges, filed under Section 314(3) of the Lagos State Criminal Law (2015), carry severe penalties upon conviction.
Still Soliciting Funds Despite Court Proceedings
Even as the trial progresses, reports suggest Balogun continues to solicit investments. Legal and financial experts warn this could lead to further financial damage.
“It’s deeply concerning that someone currently facing fraud charges is still actively pursuing new investors,” said a financial crimes specialist who requested anonymity. “This heightens the risk of additional victims.”
Experts Sound the Alarm
Chuka Madubuike, a Lagos-based investment consultant, emphasized the importance of investor caution.
“A pending fraud case should be a glaring red flag,” he said.
“People must carry out thorough due diligence before committing any funds.”
Bail Status and Trial Update
Balogun pleaded not guilty during her arraignment. Her lawyer, Olabisi Makanjuola, secured administrative bail on the grounds that she is a nursing mother.
However, Justice Ibironke Harrison instructed that the prosecution be served the bail application for further consideration.
The case is scheduled to resume on April 17, 2025, with public interest continuing to grow.
Authorities have issued a strong advisory, urging extreme caution in any financial engagements involving Balogun, given the serious allegations she faces.
