Thirty-two aggrieved investors have taken former Anambra State Commissioner of Police, Aderemi Adeoye, and four others to the Lagos State High Court in Ikeja, demanding a detailed account of funds and assets managed under the Alpha Trust Investment Club.
The suit, marked ID/11520GC/MW/24 and pending before Justice A.M. Lawal, alleged that the total combined investment of the claimants at the time of their expulsion from ATIC amounted to N1,449,156,450.00 (One Billion, Four Hundred and Forty-Nine Million, One Hundred and Fifty-Six Thousand, Four Hundred and Fifty Naira).
Thirty-two investors have sued ex-Anambra police chief Aderemi Adeoye and four others over the management of Alpha Trust Investment Club (ATIC), allegedly valued at over N20 billion.
The claimants accused Adeoye of running the club solely via Facebook, without a formal structure. They are challenging the lack of transparency, unlawful share valuation, non-allocation of fully paid land, and their expulsion without due process.
They also want the court to compel an audit of ATIC’s finances and assets by a certified accountant appointed by the President of the Institute of Chartered Accountants of Nigeria, and to direct the Lagos State Director of Cooperatives to investigate ATIC’s compliance with relevant cooperative laws.
At a Lagos High Court hearing, defendants in the N1.4bn Alpha Trust Investment Club case were granted permission to change legal counsel, with proceedings adjourned to June 26, 2025, for a hearing on appointing an independent auditor.
In a sworn affidavit, claimant Oluwasegun Akindele revealed that investors—many residing abroad—were drawn to the club through ex-Commissioner Aderemi Adeoye’s Facebook page, where he portrayed himself as an anti-corruption advocate.
Akindele stated that Adeoye initiated ATIC in 2017/2018, promoting it as an investment platform focused on real estate and the stock market.
He said members were told the club would be managed by finance professionals, with Adeoye serving only in an advisory role.
Contributions were made into a GTBank account in the name of ATIC Venture and Business Services.
However, according to Akindele, the claimants later discovered that ATIC had been registered as a private business allegedly co-owned by Adeoye, Kaykay, and Akanbi. When members demanded accountability, the defendants reportedly labelled them “toxic” and expelled them from the group.
The affidavit also revealed that over N332m was contributed by members between 2018 and 2023, yet no credible proof of investment or title documents was ever provided.
Properties allegedly acquired with members’ funds include 200 plots in the Manhattan Phase 2 Estate, Abuja; Bridge Estate and Ocean View Estate, Ibeju-Lekki; 500 plots in Miami Beachfront; 600 plots in Epe Pavilion Estate; Ansfield Garden (ATIC City), Swiss Luxury Estate, and CITA Estates 1 & 2.
Akindele further alleged that some members were persuaded to invest in a “Customised Crypto Investment” scheme, personally promoted by Adeoye, which promised a guaranteed 10% monthly return.
The claimants allege that despite payments and promises, no land was allocated or valid documents issued, and many properties were never truly paid for by the defendants.
The case has been adjourned to June 26, 2025, for further proceedings.
