The Nigerian Police Force has charged a businesswoman, Taiwo Ibitola Taiwo and her firm, Lexhan Investment Limited, over an alleged N20 billion fraud.
In the case marked FHC/L/781/C/2025, before Justice Akintoye Aluko of the federal high court, Lagos, the police alleged that Taiwo Ibitola Taiwo, her company, Lexhan Investment Limited, and others now at large conspired on or before March 5, 2024, in Lagos to fraudulently convert shares and proceeds of assets bequeathed to Mrs Idowu Ashiru and others by their late father.
The police claimed the assets and proceeds were worth N20 billion.
According to the police, while Ibitola served as a director at Shonny Investment and Property Company Ltd and Lexhan Investment Ltd, the latter allegedly incorporated to manage her late father’s estate, she fraudulently converted the shares and assets for personal use.
The police further alleged that Taiwo Ibitola Taiwo, acted with the intent to defraud and permanently deprive the rightful heirs of their inheritance.
They said the offences contravened Section 21(a) of the Money Laundering (Prevention and Prohibition) Act, 2022, punishable under Section 18(3) of the same Act, and Section 383(2)(b) of the Criminal Code Act, Cap C38, punishable under Section 390.
