Despite standing trial for an alleged multi-million naira investment fraud, self-proclaimed financial advisor Oluwatomilola Balogun is reportedly still seeking new investors raising serious concerns about the potential for additional victims.
Balogun, who is currently being prosecuted at the Lagos High Court in Tafawa Balewa Square, faces four counts of obtaining money under pretenses.
She is accused of defrauding investors of ₦68.6 million and $10,000 between February 2019 and December 2021 through her companies, Twelvest Ltd. and Vestract Ltd.
According to Lagos State prosecution counsel Ade Erinkitola, Balogun lured victims with promises of high returns on investments that never materialized.
The charges, brought under Section 314(3) of the Lagos State Criminal Law (2015), carry serious legal consequences if Balogun is found guilty.
Still Soliciting Investors Amid Trial
Despite the ongoing legal proceedings, multiple reports indicate that Balogun continues to solicit funds, raising alarm among legal and financial experts.
“The fact that she is actively seeking new investors while under trial is deeply troubling,” said a financial crimes expert who requested anonymity. “It raises the risk of further financial harm to unsuspecting individuals.”
Chuka Madubuike, a Lagos-based investment consultant, advised the public to be wary of too-good-to-be-true investment offers.
“A pending fraud trial should be a giant red flag,” he said. “Investors must always do thorough due diligence before parting with their money.”
At her initial arraignment, Balogun pleaded not guilty.
Her lawyer, Olabisi Makanjuola, successfully applied for administrative bail, citing that Balogun is a nursing mother. Justice Ibironke Harrison, however, ordered that the prosecution be served the bail application for proper review.
The case is set to continue on April 17, 2025, with increasing public interest in the outcome.
Authorities are urging caution, warning that anyone considering financial dealings with Balogun should be fully aware of the pending allegations.
As the trial proceeds, one key question remains: Will justice be served before more investors are affected?
