The Lagos State Police Command has urged individuals who claim to have lost money through a business arrangement with a jewellery company in Lagos to submit formal petitions to enable a proper investigation into the allegations.
The development follows a complaint by an 18-year-old student who alleged that she could no longer access her ₦600,000 life savings, which she had intended to use to pay her school fees.
The company involved, identified as Royal Jewelry Co. Ltd, also known in payment records as SQUAD ROYAL JEWELRY CO LTD, reportedly operates from Oriwu Street, Lekki Phase 1, Lagos.
According to the student, she was introduced to the business by the company’s human resources representative, Opeyemi Olukoya. She said the initial arrangement promised her ₦2,000 for every bracelet produced, with 100 bracelets expected in each box.
She reportedly signed an agreement on October 25, 2026, believing the opportunity would help her raise money for her education.
However, the student alleged that she was subsequently introduced to a new product scheme valued at ₦600,000. To meet the requirement, she said she paid ₦440,000 as a performance guarantee deposit, added another ₦40,000 and rolled over ₦120,000 in earnings from previous work.
The student claimed that the funds were transferred to a company account with Guaranty Trust Bank. She further alleged that she had neither received the raw materials promised under the new scheme nor obtained a refund.
She described the money as her entire life savings and expressed concern over her inability to pay her school fee
In a separate account, a former sales representative of the company claimed to have invested approximately ₦6 million in the business through personal savings, salaries and commissions.
The former representative reportedly denied receiving customers’ payments into a personal account, explaining that the role involved responding to enquiries from prospective participants.
The individual also claimed that some customers had been advised against making further payments because officials responsible for synchronising their accounts were unavailable.
According to the report, the former representative alleged that a sibling had paid ₦1.2 million into the new product scheme.
The individual further claimed that accumulated earnings had repeatedly been reinvested in anticipation of recovering the funds in November.
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The spokesperson for the Lagos State Police Command, SP Abimbola Adebisi, said she had not received an official brief on the alleged scheme at the time of the inquiry. She clarified, however, that the absence of an official brief did not necessarily mean the matter had not been reported.
Adebisi explained that the circumstances surrounding each transaction would determine whether a complaint amounted to fraud, obtaining money by false pretence or a civil dispute arising from an unfulfilled contractual agreement.
She advised affected individuals to report to the nearest police station or submit a written petition to the Commissioner of Police or the appropriate investigative unit.
Complainants were also advised to provide supporting documents, including payment receipts, bank transfer records, contracts and other relevant evidence.
The police spokesperson stressed that signing a contract does not automatically rule out criminal liability, adding that investigators would examine the available evidence to determine whether an offence had occurred.
The student reportedly said she had yet to report the matter to the police or the Economic and Financial Crimes Commission (EFCC).
Meanwhile, documents provided for the report indicate that Royal Jewelry Co. Ltd was incorporated on September 23, 2025, under registration number RC 8852592.
As of the time of publication, the allegations against the company and the claims made by the former representative had not been independently verified. No conclusion of criminal wrongdoing has been established in the report.
Affected participants are being encouraged to submit formal complaints and supporting evidence to the relevant authorities for investigation and appropriate action.
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