Court Jails Executive Director, Famzhi Interbiz, Hajiya Mariam Suleiman, for 6 Years, to Forfeit Company Properties to FGN.
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Reported by: Idris Isah, Arewa Trust Newspaper.
The Federal High Court Abuja has jails the Chief Executive Officer of Famzhi Interbiz Investment Company, Hajiya Mariam Omayoza Suleiman, for 6 years to run concurrently.
The court also ruled that the company properties which include movable and unmovable, be forfieted to the Federal Republic of Nigeria, and sell to refund the Investors appropriately. The forfeited ruling was pronounced by the leading judge, Hon. Justice Inyang Ekwo on Tuesday 11th, June 2024. These items, all situated in the Federal Capital Territory (FCT), were deemed to have been acquired through proceeds of crime committed against the Investors.
According to report reaching Arewa Trust Newspaper, the legal saga leading to the verdict began 2020 when the EFCC received petitions from the Forum of Famzhi Investors, alleging criminal misappropriation and money laundering orchestrated against them by the management of Famzhi Interbiz Investment Company.
Part of the statement from the leading judge, Hon. Justice Inyang Ekwo read, that, “Famzhi in connivance with its staff, intentionally defrauded the Investors that runs in billions in naira, in which they used to acquire properties in Abuja”. Further delivered that the Famzhi Interbiz management and its staff conspired without authorization and lured unsuspecting public to invest in their company, punishable by law.
The law further prohibits and punishes for such acts. That this investments were made for participatory interests. It also established that these were done without prior registration with the Security and Exchange Commission.
Despite attempts by the defendant’s legal team to challenge the jail pronouncement and the forteiture through appeals, the court stood firm and pointed to the failure to substantiate legitimate acquisition of the assets in question.
The court concluded that its onus upon the defendants lure Investors to invest more than 2billion naira into the company, when a company is not incorporated, the provision is imprisonment for 3years to 7years. The court finally sentenced the first defendant 3years imprisonment in count 1 and 3years in count 2, all six years imprisonment, to run concurrently. The properties of the company will be forfeited and hands to Federal Republic of Nigeria, sell and effect appreciate refund to Investors.