EFCC secures seven-year jail terms for five over N117.7m fraud

The Lagos State High Court in Tapa, Lagos, has sentenced five individuals to seven years in prison each for their part in a fraud scheme totaling N117.7 million, involving Chi Limited. The Economic and Financial Crimes Commission (EFCC) reported this verdict on Friday. The accused individuals are Yinka Salawu, Joshua Oluremi Daramola, Raji Ahmed, Afolabi Israel Olusegun, and Muraina Olanrewaju Abdullahi.

They faced a six-count charge, which included conspiracy, obtaining money through false pretenses, and forgery. The fraud allegedly involved obtaining N81,359,922 from Chi Limited in 2009 under false pretenses, claiming the money was payment for goods and services supplied to the company, although no delivery of goods or return of funds occurred.

Out of the six counts, the first, fourth, fifth, sixth, and seventh defendants were found guilty on Counts One, Two, and Three, while the second, third, and eighth defendants were acquitted. The prosecution, led by M.S. Owende, sought a court order for the convicts to return N117,755,061 to Chi Limited. Justice Jose sentenced the convicts to seven years in prison each, with credit for any time already served, and ordered restitution of the stated sums.