Nigerian Music Executive Efe Ogbeni has been sued at a United States District Court of Western Tennessee by Prime Reality Ventures LLC, a Venture Capi
Nigerian Music Executive Efe Ogbeni has been sued at a United States District Court of Western Tennessee by Prime Reality Ventures LLC, a Venture Capital Company in the United States of America (USA), for allegedly defrauding the company and its principal to the tune of $250,000.
The defendants, Ogbeni, Olayinka Odunlami and Nelly Wambugu are facing charges bordering on conspiracy to obtain money by false pretence.
Ogbeni alongside two others allegedly committed the offence between July 2021 and September 2021 in the USA.
According to Prime Reality Ventures (the company), the suspects intentionally and under false pretence presented a dummy investment opportunity in
the African Oil and Gas industry which turned out to be a sham.
The company claimed that sometime in July 2021, the defendants approached the organisation and its owners about investing in the African Oil and Gas market.
Ogbeni and his co-defendants were said to have falsely presented themselves as being vast and having the requisite skill and expertise as well as contacts in and outside of Africa.
Interested to diversify its investment portfolio, the company arranged meetings between the plaintiff and the defendants. Along the line, the defendants allegedly told Reality Ventures LLC and its owners that there were other investors involved in the project and that one of them was willing to sell his equity in the project.
The company was said to have been asked to wire the sum of $250,000 which would be used in purchasing the equity of Quantex Oil and Gas in the project. The company was made to believe that the valuation of Quantex Oil and Gas in the project is worth $10,000,000.
Relying on the representations allegedly made by the defendants, on or about September 17, 2021, the plaintiff invested and wired the sum of $250,000 from their bank account at Patriot Bank in Tennessee to the defendants. Prime Reality Ventures LLC was asked to wire the fund to Stealth Management Inc, a company allegedly owned by the defendants, claiming it had a binding agreement with Quantex Oil and Gas.
The plaintiff amongst others is asking for damage of $1 million, the repayment of the initial $250,000 invested in the project as well as other costs and expenses of the pending litigation plus punitive damages.
The defendants have also petitioned the Economic and Financial Crimes Commission(EFCC) in Nigeria for further action. The petition was dated March 31, 2022, and stamped as submitted on the same date at 15A Awolowo Road, Ikoyi office of EFCC. It was signed by Stephen Ekuma Esq of Thurrock Gate Solicitors, Advocates and Arbitrators.
