FG Sues Elixir Asset Management and Directors Over Illegal Investments Worth N3 Billion


The Federal Government has filed a lawsuit in opposition to Elixir Asset Management Limited, Elixir Investment Partners Limited, and two administrators on the Federal High Court in Ikoyi, Lagos.

The Securities and Exchange Commission (SEC) disclosed this growth in a press release, revealing that the accused companies are dealing with 4 counts of fraud associated to unlawful investments exceeding N3 billion.

Allegations of Fraud and Unregistered Product

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Law – Our Website

The authorities accuses the companies of soliciting subscriptions for an unregistered product referred to as ‘Elixir Treasury Product’ from the investing public, with a price surpassing N3 billion.

Notable entities like Toyota Nigeria Limited, Kaduna Industrial and Finance Company, and others are mentioned to be among the many victims. Additionally, the defendants are alleged to have conspired to divert funding funds belonging to the general public.

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Charges and Criminal Summons

The fees in opposition to the defendants embody the diversion of funding funds totaling N3,213,700,150, which belonged to the investing public, together with Toyota Nigeria Limited, Kaduna Industrial and Finance Company, and others.

The prosecution cites related sections of the Criminal Code Act, Laws of the Federation of Nigeria, 2004, to help the fees. However, in the course of the courtroom proceedings, the defendants weren’t current.

As a end result, the presiding decide, Justice Yellim Bogoro, granted the request of the Office of the Attorney General’s counsel to challenge legal summons in opposition to the defendants. The subsequent look date was set for July 11, 2023.


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The lawsuit in opposition to Elixir Asset Management and Elixir Investment Partners, together with their administrators, displays the federal government’s dedication to combating fraudulent funding schemes and defending the investing public.

The case highlights the alleged solicitation of funds for an unregistered product, emphasizing the significance of regulatory compliance throughout the monetary trade.

The legal summons issued by the courtroom signifies a major step within the authorized course of, making certain that the defendants may have a possibility to answer the fees introduced in opposition to them.

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The upcoming courtroom look in July 2023 will present additional insights into the proceedings and the potential implications for the defendants concerned.

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