Court Jails Businessman Two Years, Four Months for N822m Theft, Orders Full Restitution
A Lagos State Special Offences Court sitting in Ikeja has sentenced businessman Minnis Uchenna Howard to two years and four months imprisonment after he entered into a plea bargain over the theft of N822,422,260 belonging to Krystal Lubes Limited.
Justice Rahman Oshodi delivered the judgment after the defendant changed his plea to guilty midway into the trial, prompting the Economic and Financial Crimes Commission (EFCC) to amend the charge against him and his company, Howard Minnis Asset Management Limited.
The amended one-count charge alleged that Howard and his company dishonestly converted N822,422,260, being funds paid by Krystal Lubes Limited for the purchase of 900,000 litres of SN900 Base Oil and 500,000 litres of SN500 Base Oil, to their personal use, contrary to Section 285(1) of the Criminal Law of Lagos State, 2011.
Howard pleaded guilty to the amended charge.
In his judgment, Justice Oshodi observed that although the complainant’s funds were received and dissipated, the offence undermined the trust and confidence that form the foundation of legitimate commercial transactions.
The judge, however, held that several mitigating factors weighed in the defendant’s favour, including his status as a first-time offender, his voluntary guilty plea and his commitment to restitution through a negotiated agreement executed on April 10, 2026.
According to the court, Howard acknowledged liability for the N822,422,260 and undertook to repay the money in three instalments, with the repayment secured by a landed property and a personal guarantee.
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Justice Oshodi said the guilty plea and restitution agreement justified a 20 per cent reduction of the statutory three-year prison sentence.
He consequently sentenced Howard to two years and four months imprisonment, representing 80 per cent of the prescribed sentence.
The court also fined Howard Minnis Asset Management Limited N10 million, noting that the corporate entity received and dissipated the stolen funds and could not be sentenced to imprisonment.
In addition, the judge made a restitution order directing both convicts to refund N822,422,260 to Krystal Lubes Limited in three instalments of N274,140,753.33 each, payable on November 10, 2026, March 10, 2027 and July 10, 2027.
Justice Oshodi held that the restitution arrangement would be secured with a pledged property located in the Lekki Peninsula Residential Scheme, Lagos, alongside a personal guarantee executed by the convict.
The judge further ordered the EFCC to release N45 million recovered during the investigation to the victim within seven days. The amount comprises N30 million recovered from the Managing Director of AZ Petroleum Limited and N15 million recovered from another source.
He directed the anti-graft agency to monitor compliance with the restitution order and ensure adherence to the agreed security arrangements.
The prosecution team comprised M.K. Bashir, Ebuka S. Okongwu and B. Misah, while the amended charge was filed before the Ikeja High Court following the plea bargain reached by the parties during the trial.
