Chairman of Famzhi Interbiz Ltd Sentenced to Five Years’ Imprisonment
By Patience Ikpeme
Mariam Suleiman, the Chairman and Managing Director of Famzhi Interbiz Ltd, has been sentenced to five years’ imprisonment without an option of a fine.
The sentence was imposed on her by Justice Inyang Ekwo of the Federal High Court in Abuja for defrauding investors of over N2 billion.
The Federal Government had levelled allegations against Suleiman and her company, and they were found guilty of counts one and two by Justice Ekwo. He cited Section 516 of the Criminal Code Act and Section 56(6) of the Securities and Investment Act as the basis for the punishment. However, the judge decided not to impose the full punishment on Suleiman.
Instead, Justice Ekwo sentenced Suleiman to three years’ imprisonment in count one and two years’ imprisonment in count two. The sentences would run concurrently from the date of the order. Additionally, the judge ordered the winding up of the company and the forfeiture of all its property to the Federal Government. The proceeds from the sale of the company’s property will be used to compensate the victims of the fraud.
Famzhi Interbiz Limited was previously disclaimed by the Securities and Exchange Commission (SEC), which warned that the company and its “illegal products” were neither registered nor regulated by the Commission. The SEC noted that the company unlawfully solicited funds from the public, promising guaranteed returns on investment, in violation of the Securities and Investment Act.
As a result, the SEC referred the company to the appropriate law enforcement agency for criminal investigation and possible prosecution. Justice Ekwo stated in his judgment that the defendants conspired to engage in illegal activities, luring unsuspecting members of the public to invest over N2 billion in an unregistered investment collective scheme. The evidence presented by the prosecution witnesses and exhibits confirmed the defendants’ involvement in the scheme.
Justice Ekwo emphasized that the evidence, which was neither challenged nor successfully debunked by the defendants, should be relied upon by the court. He also highlighted that Suleiman herself admitted to running the scheme, further reinforcing her guilt.
The sentencing of Suleiman serves as a strong message that fraudulent activities will not be tolerated. The court’s decision to compensate the victims by selling the company’s property is a step towards justice and restitution in this case of financial fraud.
