Alleged N5bn Fraud: Investors Beg Court Not To Release FAMZHI’s MD/CEO On Bail

The aggrieved Association of Famzhi investors yesterday appealed to a judge of the Federal High Court, Abuja, Justice Inyang Ekwo, not to grant bail to the Managing Director/ Chief Executive Officer of FAMZHI INTERBIZ Limited, Mrs. Mariam Suleiman.

The investors also appealed to the judge not to release the defendant’s international passport in the court’s custody, “until she has released to the court or the federal government, funds or real estates/landed properties worth at least N5 billion.”

Suleiman is being prosecuted by the Economic and Financial Crimes Commission (EFCC) for allegedly defrauding over 10, 000 investors.

She was recently arrested for allegations bordering on fraud and has been in custody of the EFCC, pending when she would be released on bail.

However, as hearing in the matter comes up March 1, 2022, the aggrieved investors are praying the court not to grant her bail application, saying doing so would jeopardise efforts at recovering their investments in landed property in FAMZHI.

In a statement issued by their leaders, Mr. Eric Morgan, Chief Anene Azubike and Alh. Abdulahi Atima, the association insisted that, “once such properties, bought/built with their capitals, which are public knowledge, are secured from her by the government, the properties will be sold and its proceeds used to settle the capitals and returns of the investors through their detailed bank accounts possibly before their April 1,2022 deadline.”

The FAMZHI CEO, according to the statement, “has been hiding from the public for two years since March 2020 before her recent arrests and detention for attempt to defraud 10,000 investors of their capitals worth about N5 billion by the EFCC and SEC following a public outcry.

“Therefore, granting her bail will jeopardise our capital recovery, and injure the course of both Criminal and civil justice.”