Court acquits woman and firm accused of N40 million investment fraud

The Lagos State High Court in Ikeja acquitted Portia Anthonia Emilia and Savannah Crest Investment Limited, who were accused of collecting N40 million from three investors in 2018 after promising monthly returns of 10%. Justice O.O. Abike-Fadipe found that the EFCC had failed to call the alleged investors and other key witnesses, and that investigators’ testimony could not replace their direct evidence. She also ruled that the prosecution had not proved the company operated in the capital market regulated by the SEC. The judgment was delivered on September 29, 2026.