FG Sues Elixir Asset Management and Directors Over Illegal Investments Worth N3 Billion

FG Sues Elixir Asset Management and Directors Over Illegal Investments Worth N3 Billion

...By Dorcas Funmi for TDPel Media.


The Federal Government has filed a lawsuit against Elixir Asset Management Limited, Elixir Investment Partners Limited, and two directors at the Federal High Court in Ikoyi, Lagos.


The Securities and Exchange Commission (SEC) disclosed this development in a statement, revealing that the accused firms are facing four counts of fraud related to illegal investments exceeding N3 billion.

Allegations of Fraud and Unregistered Product

Law - TDPel Media
Law – TDPel Media

The government accuses the firms of soliciting subscriptions for an unregistered product called ‘Elixir Treasury Product’ from the investing public, with a value surpassing N3 billion.

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Notable entities like Toyota Nigeria Limited, Kaduna Industrial and Finance Company, and others are said to be among the victims. Additionally, the defendants are alleged to have conspired to divert investment funds belonging to the public.

Charges and Criminal Summons

The charges against the defendants include the diversion of investment funds totaling N3,213,700,150, which belonged to the investing public, including Toyota Nigeria Limited, Kaduna Industrial and Finance Company, and others.

The prosecution cites relevant sections of the Criminal Code Act, Laws of the Federation of Nigeria, 2004, to support the charges. However, during the court proceedings, the defendants were not present.

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As a result, the presiding judge, Justice Yellim Bogoro, granted the request of the Office of the Attorney General’s counsel to issue criminal summons against the defendants. The next appearance date was set for July 11, 2023.



The lawsuit against Elixir Asset Management and Elixir Investment Partners, along with their directors, reflects the government’s commitment to combating fraudulent investment schemes and protecting the investing public.

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The case highlights the alleged solicitation of funds for an unregistered product, emphasizing the importance of regulatory compliance within the financial industry.

The criminal summons issued by the court signifies a significant step in the legal process, ensuring that the defendants will have an opportunity to respond to the charges brought against them.

The upcoming court appearance in July 2023 will provide further insights into the proceedings and the potential implications for the defendants involved.


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