Police Arraign Alaba Samuel Over Alleged N211m Investment Scam
Kehinde Adeleye
A man identified as Alaba Samuel, who resides in Ibeche, Ikorodu, Lagos, has been arraigned before an Ogba Magistrate’s Court over an alleged N211 million online trading investment fraud.
Samuel was brought before Magistrate Mrs. O. Kusanu on Wednesday on a three-count charge of conspiracy, obtaining money by false pretence and stealing, filed by the Lagos State Commissioner of Police under Charge No. MIK/X/37/2026.
According to the charge sheet, the alleged offences occurred on April 10, 2026, at about 2:00 p.m. in Ibeche, Ikorodu, within the Lagos Magisterial District.
The prosecutor, SP Philip Adegbemuji, alleged that Samuel conspired with other suspects, who are currently at large, to commit stealing, contrary to Section 411 of the Criminal Law of Lagos State, 2015.
In the second count, the prosecution alleged that Samuel obtained N211 million from Bisi Alade Issa under the pretence that the money would be invested in online trading, knowing the representation to be false.
The charge cited Section 280 and Section 314(a) and (b) of the Criminal Law of Lagos State, 2015.
The third count accused Samuel of stealing the N211 million belonging to Issa, an offence the prosecution said was punishable under Section 287 of the same law.
Samuel pleaded not guilty to all 3 counts.
The case was investigated by ASP Roland Oderinde of Command Special Squad II before being referred to the Directorate of Public Prosecutions for legal advice.
Court Grants Bail, Orders Remand in Kirikiri
Following the defendant’s plea, Adegbemuji did not oppose bail but urged the court to impose stringent conditions to ensure Samuel’s attendance at subsequent proceedings.
In her ruling, Magistrate Kusanu granted bail with 2 sureties, who must provide evidence of their means of livelihood and tax payments.
The court ordered that Samuel be remanded at the Kirikiri Correctional Centre in Lagos pending the fulfilment of his bail conditions.
The case was adjourned for further proceedings.
Police Warn Against Online Investment Scams
Police sources told P.M. EXPRESS that complaints involving alleged online trading, foreign exchange and cryptocurrency investment fraud had been reported in areas including Ikorodu, Ikeja and Lekki.
According to the sources, some alleged schemes involve fake trading dashboards, WhatsApp groups and cloned applications used to display fictitious profits and persuade investors to commit more money.
A police source urged residents to exercise caution before transferring funds to online investment operators.
“We have received several complaints from Ikorodu, Ikeja and Alimosho about online trading fraud. People should not invest their life savings based on social media adverts or referral from friends. If it is too good to be true, it is likely a scam,” the source said.
The police advised prospective investors to verify investment platforms and their regulatory status with the Securities and Exchange Commission and consult their banks before transferring funds.
Operatives of Command Special Squad II are reportedly pursuing other suspects allegedly linked to the case. The police also urged anyone who believes they have fallen victim to a similar scheme to report to the nearest police station.
The case file was also referred to the Lagos State Ministry of Justice for legal advice.
Samuel remains presumed innocent unless and until proven guilty by a court of competent jurisdiction.
