The five-man justices of the apex court, presided by Justice Aminat Augie adjourned the case for judgment after lawyers for all parties adopted their various briefs before the court.
The investors led by Prince Emmanuel Matiluko, were mainly aged and pensioners, who had between 2004 and 2005 subscribed each with N450, 000 slots to an alleged fraudulent investment scheme put up by Nospetco Oil & Gas Ltd. In 2008, the Securities and Exchange Commission secured two Investment and Securities Tribunal judgments against the oil company, categorized as ‘Wonder Bank’, for ‘operating illegally and for engaging in a collective financial scheme without SEC approval’.
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