Justice Mojisola Dada of the Lagos State Special Offences Court has convicted and sentenced a businessman, James Onyejekwe, and his company, Kainos Exploration and Producing Company Limited, over fraud involving N28 million.
The prosecution, instituted by the Economic and Financial Crimes Commission on behalf of the Federal Republic of Nigeria, had filed a five-count amended charge bordering on stealing, issuance of dud cheques and obtaining money by false pretence.
According to the charge, the defendants in May 2018 dishonestly converted to their own use the sum of N8 million belonging to the nominal complainant, Mrs. Augustina Ofoegbu.
They were also accused of issuing three dud cheques valued at N10 million, N10 million and N5 million respectively through a United Bank for Africa account, which were returned unpaid due to insufficient funds.
The prosecution further told the court that the defendants, in February 2018, obtained N10 million from the complainant under the false representation that it was an investment in Kainos Exploration and Producing Company Limited, promising a 250 per cent return within 60 days, a claim found to be false.
Delivering judgment, Justice Dada found the defendants guilty on all counts and sentenced Onyejekwe to three years imprisonment on Count One for stealing.
On Counts Two, Three and Four bordering on issuance of dud cheques, the court imposed two years imprisonment on each count, while a seven-year jail term was handed down on Count Five for obtaining money by false pretence.
The court held that the sentences are to run concurrently, effectively amounting to seven years imprisonment, and ordered the convict to restitute N8 million to the nominal complainant through the EFCC.
Justice Dada also ordered the winding up of Kainos Exploration and Producing Company Limited, with its assets forfeited to the Federal Government of Nigeria.
