Lagos State Police Command has urged customers alleging financial losses in a business arrangement with a Lagos-based jewellery company to submit formal petitions for investigation, as an 18-year-old student claims she can no longer access her N600,000 life savings meant for school fees.

The Command’s Spokesperson, SP Abimbola Adebisi, said she had no official brief on the alleged scam at the time of inquiry but noted that this did not necessarily mean the matter had not been reported.

Adebisi said the circumstances of each transaction would determine whether a complaint constituted fraud, obtaining money by false pretence or a civil dispute arising from an unfulfilled contract.

She advised affected participants to report to the nearest police station or submit a written petition to the Commissioner of Police or the appropriate investigative unit, accompanied by payment records, contracts and other relevant evidence.

The complaints involve Royal Jewelry Co. Ltd, also identified in payment records as SQUAD ROYAL JEWELRY CO LTD, which reportedly operates from 30C Oriwu Street, Lekki Phase 1, Lagos.

The 18-year-old student, whose identity is being withheld at her request, said she was introduced to the business by the company’s human resources representative, Opeyemi Olukoya.

According to her, the initial arrangement promised N2,000 for every bracelet produced, with 100 bracelets expected in each box. She said she signed a contract on Sunday, October 25, 2026, believing the opportunity would help her finance her education.

Her financial commitment increased when the company introduced a new product scheme reportedly valued at N600,000.

The student said she paid N440,000 as a performance guarantee deposit, added N40,000 and rolled over N120,000 in earnings from previous work to meet the required amount.

Payment records supplied for the investigation indicate that the money was transferred to an account bearing the company’s name with Guaranty Trust Bank.

However, she said she had received neither raw materials for the new scheme nor a refund, adding that the money represented her entire life savings and that she could no longer afford her school fees.

The student said she had not reported the matter to the police or the Economic and Financial Crimes Commission (EFCC).

In a separate development, a former sales representative of the company claimed that approximately N6 million in personal savings, salaries and commissions had also been invested in the business.

In an audio recording obtained by The Guardian, the individual denied receiving customers’ payments into a personal account, insisting that the role involved responding to enquiries from prospective participants.

The representative said some customers were advised against making further payments because officials responsible for synchronising their accounts were unavailable.

The individual also claimed that a sibling had paid N1.2 million into the new product scheme.

“If I had known, I would not have asked her to do it. N1.2 million naira was lost yesterday,” the representative said.

The individual maintained that accumulated earnings had been repeatedly reinvested in anticipation of recovering the funds in November.

Corporate documents supplied for the investigation indicate that Royal Jewelry Co. Ltd was incorporated on September 23, 2025, under registration number RC 8852592.

The allegations against the company and the former representative’s claims have not been independently verified.

Adebisi said signing an agreement did not automatically exclude criminal liability, adding that investigators would examine the available evidence to determine whether an offence had occurred.

She urged affected participants to submit formal complaints for appropriate action.