Afrigather 
Justice Zainab Abubakar of the Federal Excessive Courtroom, Courtroom 4, Abuja has set March 16, 2023 for the graduation of trial of Vektr Capital International Group together with two workers of the corporate Mr. Solomon Edet Solomon and Mr. Zakari Haruna on allegations bordering on working as fund managers with out registration by the Securities and Change Fee amongst others.
Hon. Justice Abubakar additionally directed that the 2 defendants be remanded in Suleija Correctional Centre pending when Mr. Zakari Haruna is ready to fulfil his bail situations.
The SEC had in March 2022 sealed up the Wuse Zone 5 workplace of Vektr Capital on suspicions of illegally amassing cash from the investing public to the tune of N891,000,000 whereas not registered with the Fee.
Within the 4 rely cost introduced towards the corporate and its promoters by the Federal Republic of Nigeria, Vektr Capital International Nigeria Restricted is alleged to have on or between the 12 months 2021 and 2022 throughout the jurisdiction of the honourable courtroom with intent to defraud, conspired amongst themselves along with one Kayode Sal Viktor and your different workers to acquire the sum of over N891, 729,000 from investing public together with Cordelia Ukomaka Ducke Eze and others beneath false pretence that they have been a fund managers which you aren’t and thereby dedicated an offence opposite to Part 8 of the Superior Payment Fraud and Fraud Associated Offences Act 2006 and punishable beneath Part 1 (3) of the identical Act.
“That you simply M/s Vektr Capital International Nigeria Ltd, on or between the 12 months 2021 and 2022 throughout the jurisdiction of this honourable courtroom did commit a felony to wit. Conspired amongst yourselves along with Kayode Sal Viktor and your different workers to do an unlawful act- to lure and supply for subscription an unregistered collective funding scheme valued over N891,000,000 to investing public together with Cordelia Ukomaka Ducke Eze and others and thereby dedicated an offense opposite to and punishable beneath Part 516 of Prison Code Act, Legal guidelines of the Federation of Nigeria 2004.
“That you simply M/s Vektr Capital International Nigeria Ltd, on or between the 12 months 2021 and 2022 throughout the jurisdiction of this honourable courtroom did commit a felony to wit. Conspired amongst yourselves along with Kayode Sal Viktor and your different workers to do an unlawful act- to lure and supply for subscription an unregistered collective funding scheme valued over N891,000,000 to investing public together with Cordelia Ukomaka Ducke Eze and others and thereby dedicated an offense opposite to and punishable beneath Part 54 of the Investments and Securities Act, 2007” the Cost said.
When the bail utility got here up for dedication, the Justice stated she has not been satisfied going by the affidavit that the accused will attend courtroom to attend trial and never soar bail.
Earlier, Counsel to Mr. Solomon urged the courtroom to grant the defendant bail, stating that the defendant is barely an worker of the corporate and never the proprietor.
Nonetheless, Hon. Justice Abubakar declined saying that being an worker of the corporate just isn’t sufficient for her to grant him bail however advised the counsel that she must be satisfied that if the defendant is granted bail he can be obtainable to attend the listening to and never soar bail.
She stated, “ the provisions of the of the Administration of Prison Justice on bail purposes. He should meet these concerns. Present me in your affidavit of assist the place all these situations have been listed as met to provide me the reassurance that the second defendant will always attend this trial in individual. If I grant him bail primarily based on what you’ve got submitted will I not be seen to be reckless as a choose?
“Granting of bail is a discretionary energy and you will need to earn it, you will need to persuade me. So many individuals soar bail circumstances will come up and it can not go on as a result of the individual has jumped bail. In case you persuade me, as a result of your conviction is on oath I consider you. My concern is what you depose in your affidavit. I can not on the idea of this deposition grant this individual bail, I can not.
“In accordance with Part 160 paragraph 8F, the applicant should have these info in his affidavit to persuade the courtroom to grant him bail. If I grant bail and he decides to leap bail tomorrow anybody that sees this utility will say he didn’t commit himself.
Hon. Justice Abubakar state that there aren’t any important assurances to persuade the courtroom to grant the defendant bail as contained in Part 160 of Prison Administrative Justice Act 2013 and enumerated in Paragraph 8f of the stated Act, emphasising that It is vital that the deposition should include that important data to persuade and guarantee the courtroom to grant the second defendant bail.
She subsequently dominated saying “Within the absence of this, this courtroom can not grant the second defendant bail. Accordingly, bail is refused”.
On the third Defendant Mr. Zakari Haruna, the Choose said that primarily based on the propositions contained within the utility submitted to the courtroom for bail, significantly paragraphs 12-17, the courtroom is inclined to granting bail to him.
“Accordingly, bail is granted to the third applicant within the sum of N100m and one surety within the like sum. The surety have to be a accountable, respected individual within the society as deposed to within the affidavit, the surety should personal landed property throughout the jurisdiction of this courtroom whose title paperwork have to be deposited with the deputy Chief Registrar Litigation of this Honorable Courtroom after due verification.
“Each the third defendant and the surety should every deposit two copies of their latest passport pictures with the Deputy Chief Registrar Litigation of this honourable courtroom. The defendant should additionally deposit his worldwide Passport with the Deputy Chief Registrar Litigation of this honourable courtroom. Bail is granted, these are the one situations imposed”.
“Each the Second and Third defendants are to remanded in Suleija Correctional Centre. A remand of the third defendant on the Suleija Correctional Centre pending when he fulfils his bail situations. Anytime he fulfils his bail situations, he’s free to go and revel in his day” Justice Abubakar said.
