Mariam Suleiman, the Chairman and Managing Director of Famzhi Interbiz Ltd, has been handed a five-year prison term. The Federal High Court in Abuja found Suleiman guilty of orchestrating an elaborate investment scam that swindled over N2 billion from investors.
The case, which has been closely monitored by Lekki People Magazine concluded with Justice Inyang Ekwo delivering the verdict.
Suleiman faced charges for her involvement in operating an unregistered investment scheme between 2017 and 2019, which falsely promised high returns to lure unsuspecting investors. Despite clear warnings and disclaimers issued by the SEC three years prior, declaring Famzhi Interbiz Limited's activities illegal, Suleiman continued to solicit funds from the public.
The judge ordered the liquidation of Famzhi Interbiz Ltd's assets, with the proceeds to be directed towards compensating those defrauded.
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