EFCC arraigns Green Eagles Agri Business over alleged illegal investment scheme

The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 2, on Wednesday, 18 June 2025, arraigned Green Eagles Agri Business Solutions Limited before Justice C.J. Aneke at the Federal High Court sitting in Ikoyi, Lagos.

The company faces a two-count charge relating to the operation of a collective investment scheme without a valid licence from the Central Bank of Nigeria (CBN).

According to a petition submitted by a group of investors, the promoters of the company, Taiwo Oluwadahushola and Adetola Adetayo, allegedly used social media and other communication platforms in 2020 to solicit investments. They presented themselves as seasoned investment experts capable of managing funds within an agricultural enterprise, promising fixed returns at specific rates and durations.

The petitioners claimed they collectively deposited a total of N51,680,050 (Fifty-One Million, Six Hundred and Eighty Thousand, Fifty Naira) into the company’s account over a period of time.

However, after the agreed investment terms elapsed, the investors said they were unable to reach the company’s promoters or directors through any channel of communication.

The EFCC noted that it subsequently received numerous additional complaints from other disgruntled investors.

Investigations reportedly showed that Green Eagles Agri Business Solutions Limited was neither licensed by the Central Bank of Nigeria (CBN) nor registered with the Securities and Exchange Commission (SEC) to conduct capital market activities or accept investments from the public.

One of the charges read in court stated: “That you, GREEN EAGLES AGRIBUSINESS SOLUTIONS LTD., within January and December 2020, in Nigeria, within the Judicial Division of this Honourable Court, being a company incorporated in Nigeria, failed to obtain a valid licence from the Central Bank of Nigeria to carry on your business of investment management, and you thereby committed an offence contrary to Section 57 of the Banks and Other Financial Institutions Act 2020 and punishable under Sections 57(5) of the same Act.”

A plea of not guilty was entered on behalf of the company.

Prosecution counsel A.A. Usman subsequently applied for a trial date.

Justice Aneke adjourned the matter to 4 November 2025 for the commencement of trial.