COURT RESERVES JUDGMENT IN ALLEGED N960 MILLION INVESTMENT FRAUD CASE INVOLVING EDU HUB CONSULTS MD, MMA ANYANSO

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By Aishat Momoh. O.

Justice Mojisola Dada of the Lagos State Special Offences Court, sitting in Ikeja, has reserved judgment in the alleged N960 million investment fraud case involving Edu Hub Consults Limited and its Managing Director, Mma Anyanso.

Anyanso and his company were arraigned by the Economic and Financial Crimes Commission (EFCC) on an amended charge of stealing and obtaining money under false pretence.

The amended information, dated August 21, 2025, and filed on September 29, 2025, alleged that the defendants diverted investors’ funds meant for legitimate business ventures to personal use offences said to contravene Section 278(1)(b)(ii) of the Criminal Law of Lagos State, 2011.

According to court records, Edu Hub Consults Limited, between July 18 and September 14, 2020, allegedly collected ₦960 million from investors under the guise of high-yield investment opportunities but later misappropriated the funds.

The EFCC further claimed that the company and its Managing Director used part of the proceeds to purchase luxury properties, including an apartment at Eko Atlantic City, Lagos.

Testifying before the court, EFCC operative Chinedu Peters, attached to the Commission’s Cybercrime Section, said the agency launched an investigation in 2020 after receiving intelligence about suspicious investment operations being run from Eko Atlantic City.

“Following management approval, a team was deployed to the location, and several arrests were made. The defendant, Mma Anyanso, was among those apprehended,” Peters said.

He told the court that Anyanso admitted to being the Managing Director of Edu Hub Consults Limited and The Map Online Limited, both of which collected funds from the public without regulatory approval.

The witness added that a letter sent to the Securities and Exchange Commission (SEC) confirmed that neither the company nor its owner was licensed to solicit investments from the public.

Further investigations, Peters said, revealed that the companies had collected funds from over 2,342 investors, promising periodic returns. However, payments stopped after a few months, and the scheme collapsed.

“The funds were diverted for personal use, including purchasing properties in Lagos and Abuja,” Peters testified.

He also noted that while on administrative bail, the defendant made partial restitution to about 945 investors, with an outstanding liability of ₦1.2 billion, and later expressed willingness to enter a plea bargain with the EFCC.

Prosecution counsel urged the court to convict the defendant, insisting that the evidence against him was overwhelming.

However, defence counsel Dr. Suleiman Usman (SAN) pleaded for leniency, noting that his client had accepted responsibility and cooperated fully during the investigation.

“The defendant believed the business was legitimate and has made significant efforts toward restitution, including surrendering assets to cover outstanding payments,” Usman told the court.

He urged Justice Dada to consider a non-custodial sentence, arguing that the case stemmed from a failed business venture rather than criminal intent.

After hearing arguments from both sides, Justice Dada adjourned the matter till November 21, 2025, for judgment.