The Federal High Court sitting in Abuja has adjourned to April 15, 2021 the case between the Federal Government of Nigeria and Dantata Success and Profitable Company and four others.
The Securities and Exchange Commission disclosed this in a statement on Wednesday.
It noted that the company and its promoters were last year charged before the Federal High Court in Abuja for investment fraud amounting to over N2bn.
Those charged along with the company were Basira Dantata, Lawan Sanni and Gaji Dantata, according to the statement.
SEC said the defendants who were arraigned before Justice A. I Chikere of Federal High Court 3, were alleged to have between 2018 and 2019 within the jurisdiction of the court with intent to defraud about 7,250 investing public to subscribe and invest in an unregistered investment scheme amounting to over N2bn.
It said according to the charge, they committed an offence contrary to Section 54 of the Investments and Securities Act 2007 and punishable under same section.
According to SEC, when the matter came up in court on Wednesday, one of the defendants, Gaji Dantata, was not available due to health reasons.
It said Justice Chikere thereby adjourned the matter to April 15, 2021 for plea and motion filed by the defendants.
SEC recalled that pursuant to its powers under Section 13 (w) of the Investments and Securities Act (ISA), 2007, on February 6, 2019, it sealed up the business premises of Dantata Success & Profitable Company, which it described as ‘a company that had been engaging in illegal activities in the Nigerian capital market’.
