N40m Investment Fraud: Lagos High Court Frees Portia Emilia, Savannah Crest Investment

The Lagos State High Court in Ikeja has acquitted Portia Anthonia Emilia and Savannah Crest Investment Limited of charges relating to an alleged N40 million investment fraud, citing the prosecution’s failure to produce key witnesses.

Justice O.O. Abike-Fadipe, who delivered the judgment on September 29, 2026, held that the Economic and Financial Crimes Commission (EFCC) failed to provide essential evidence required to prove the allegations against the defendants beyond reasonable doubt.

The defendants had been arraigned on five counts involving conspiracy to steal, stealing, obtaining money by false pretence and retaining stolen property.

According to the prosecution, the defendants received N40 million from three investors in 2018 after allegedly promising them returns of 10 per cent monthly for six months.

The EFCC alleged that the money was subsequently used to pay returns to existing investors rather than being invested in the manner represented to the investors.

The commission also alleged that Savannah Crest Investment Limited lacked registration or a licence from the Securities and Exchange Commission (SEC) to solicit investment funds from members of the public.

The defence, however, argued that the prosecution had not established the essential elements of the charges. It maintained that the transactions were civil disputes and that the evidence before the court could not support a criminal conviction.

In evaluating the evidence, Justice Abike-Fadipe identified the failure to call the alleged investors as a major weakness in the prosecution’s case.

The judge explained that their testimony was necessary to establish ownership of the disputed funds and show how the defendants allegedly induced them to invest.

“Both Wendy Daniel and Ruth Bolo Atte were vital witnesses for the prosecution to establish the ownership of the funds alleged to have been converted by the defendants and to establish how they were fraudulently enticed by the defendants to part with their money,” she said.

She further ruled that the testimony of investigating officers could not replace evidence from witnesses with direct knowledge of the transactions.

“The hearsay evidence of investigating officers will not suffice,” Justice Abike-Fadipe declared.

The court noted that Wendy Daniel, who filed the petition with the EFCC, was not called to testify. The two other alleged investors, Ruth Bolo Atte and Rachael Akintola, were also absent from the prosecution’s witness list as presented in court.

Additionally, the prosecution failed to call a representative of Karnimoore Services Limited to clarify the purpose of transactions involving the company that appeared in the bank statements.

Addressing the allegation concerning SEC licensing, the judge held that the prosecution had not established that the defendants were operating in the capital market regulated by the commission.

In her final determination, Justice Abike-Fadipe said: “I hold that the prosecution has failed to discharge the burden on it to prove that the defendants are guilty of any of the charges brought against them beyond reasonable doubt.”

She emphasised that the burden of proof rested on the prosecution and that the defendants were not required to establish reasonable doubt once that burden had not been met.

The court subsequently discharged and acquitted Portia Anthonia Emilia and Savannah Crest Investment Limited on all five counts.

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