Jyde Adelakun is the founder and managing director of Torch of Fame Group operating in the USA and in Nigeria. Torch of Fame Group has subsidiaries in Oil and Gas, Model management and Aviation Services. In 2023, Jyde Adelakun was exonerated of financial crimes worth $29 million. The Attorney-General office to the United States Government encountered and found “superseding reasonable doubts” that Jyde Adelakun committed the fraud as alleged by worldpay and Fifth Third Bank, and moved the motion to dismiss the complaint against Jyde Adelakun issued by the United States District Court. Accordingly, the honourable judge Anthony P. patti of the United States District Court, granted the Government motion and ordered the complaint against Jyde Adelakun be dismissed.
Case Details
Jyde Adelakun is the founder and managing director of Torch of Fame Group operating in the USA and in Nigeria. Torch of Fame Group has subsidiaries in Oil and Gas, Model management and Aviation Services.Based in Bedminster, New Jersey, USA, Jyde Adelakun has allegedly perpetrated financial crimes between the USA and several other countries including Nigeria. WorldPay USA filed a petition to the Economic and Financial Crimes Commission (EFCC) of Nigeria in 2018, notifying EFCC of Jyde Adelakun’s corrupt activities. Worldpay Inc is a notable digital payments processing company with annual revenue in excess of $4 Billion. Jyde ADelakun allegedly used worldpay to receive over $29 million from non-existent “customers” and transferred funds to his accounts in Nigeria, Dubai, United Kingdom, South Africa and United State of America.
According to EFCC, “The case against Jyde Adelakun is a case of fraudulent funds transfer and obtaining funds under false pretense. The fraud case involving him and some bank officials was reported to the Commission via a written petition from Templars Law Firm on behalf of Worldpay LLC based in the United States to the tune of $29 million.”
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