27-year-old undergraduate baggage 14-year imprisonment over N27m Ponzi scheme

The Special Offences and Domestic Violence court docket sitting in Ikeja has convicted and sentenced one 27-year- outdated 300 stage undergraduate of Federal University of Agriculture, Abeokuta, David Pascal ugboko, to 14- 12 months imprisonment over a N27 million Ponzi scheme.

Justice Rahman Oshodi delivered this judgment Thursday after discovering the defendant responsible of 10 depend cost bordering on conspiracy, acquiring cash by false pretence and retention of proceeds of crime.

The EFCC stated investigations revealed that Ugboko defrauded almost 500 buyers of over N1bn via a Ponzi scheme, utilizing funds from new depositors to pay earlier buyers.

Rather than investing the cash as claimed, he diverted it for private use, buying a 2006 Mercedes-Benz and commencing building of a four-bedroom duplex in Ibadan. He dedicated the fraud between the ages of 20 and 22 whereas in his 300-level on the Federal University of Agriculture, Abeokuta (FUNAAB).

In 2020, he assured buyers on Instagram that their funds can be refunded when funding proceeds improved, at the same time as he was allegedly buying properties with their cash.

One of the counts learn: David Pascal Ugboko and Titan Management Limited, someday in 2021 with dishonest intent, fraudulently stole and transformed to your personal use the sum of Eighteen Million Naira (N18,000,000.00) property of Olukayode Adeola Adebo.

He was arraigned by the EFCC Directorate 2 on September, 2026, 2023.

He pleaded not responsible to the fees when learn to him which led to a full trial.