EFCC secures seven-year prison terms for five over N117.7 million fraud

A Lagos State High Court has sentenced five people to seven years in prison each for their involvement in a N117.7 million fraud case involving Chi Limited.

Justice K.A. Jose, sitting in Tapa, Lagos, convicted Yinka Salawu, Joshua Oluremi Daramola, Raji Ahmed, Afolabi Israel Olusegun and Muraina Olanrewaju Abdullahi. The Economic and Financial Crimes Commission said the defendants faced a six-count charge involving conspiracy to obtain money by false pretence, obtaining money by false pretence and forgery.

One count alleged that the defendants obtained N81,359,922 from Chi Limited in 2009 by claiming the money represented payment for goods and services supplied to the company. The EFCC said the goods and services were never delivered and the money was not returned. Prosecutors called 17 witnesses from the EFCC, Nigeria Police Force, banks and Chi Limited, and submitted documentary evidence.

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The convicts will be given credit for the periods they have already spent in custody. All periods spent in prison shall be deducted from the seven-year terms imposed by the court.

The judge found five defendants guilty on Counts One, Two and Three. The second, third and eighth defendants were discharged and acquitted. The five prison terms came without an option of a fine, although time already spent in custody will count toward the sentences.

Justice Jose also ordered the convicts to repay Chi Limited the sums listed in the charges, with any money already paid deducted from the restitution. The prosecution had additionally asked the court to order the sale or forfeiture of properties belonging to the first convict, with the proceeds going to Chi Limited.

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All monies already paid shall be deducted from the amounts to be restituted.