₦360m Tech Investment Fraud: Developer Lands In Kirikiri After Allegedly Hiding ln Ibadan
By Sherif Salau
A Lagos tech investment deal worth ₦360 million has ended in a criminal court battle, with a developer accused of defrauding investors reportedly remaining in Kirikiri Prison after police allegedly traced him to Ibadan, where he was said to have been hiding while claiming to be in China.
According to details emerging from the case, the suspect is said to have presented himself as a tech entrepreneur or developer involved in an investment opportunity that promised returns linked to software or digital projects. Investors reportedly parted with substantial sums on the strength of those representations. When the expected returns failed to materialise and contact became difficult, complaints were lodged with the authorities.
Investigators later established that while the developer had been communicating with some victims as though he was based in China, he was in fact residing in Ibadan, Oyo State. The discovery of his actual location led to his arrest. He was subsequently brought to Lagos, charged, and ordered remanded at Kirikiri pending further proceedings.
The case forms part of a broader pattern of investment-related frauds in which suspects use technology credentials, digital platforms or claims of international operations to build credibility. Law enforcement agencies have repeatedly warned the public about schemes that promise high returns from tech or digital investments, particularly those that rely heavily on remote communication and limited physical verification.
At the time of writing, full details of the charges, the exact nature of the purported tech project, the number of victims and the precise timeline of the alleged fraud had not been exhaustively laid out in public statements. The suspect is expected to face formal arraignment, during which the prosecution will outline the evidence against him and the defence will have the opportunity to respond.
For the investors who lost money, the arrest offers a measure of progress, though recovery of funds in such cases often remains uncertain and lengthy. The episode once again underscores the risks associated with investment opportunities that lack transparent documentation, verifiable track records and clear regulatory oversight.
Authorities continue to urge the public to exercise caution, verify claims independently and report suspicious investment offers promptly.
