COURT JAILS BUSINESSMAN 7 YEARS OVER N28M FRAUD, ORDERS COMPANY WIND-UP

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By Aishat Momoh. O.

Justice Mojisola Dada of the Lagos State Special Offences Court has convicted and sentenced a businessman, James Onyejekwe, and his firm, Kainos Exploration and Producing Company Limited, over a ₦28 million fraud.

The prosecution, filed by the Economic and Financial Crimes Commission (EFCC) on behalf of the Federal Republic of Nigeria, charged the defendants on five counts bordering on stealing, issuance of dud cheques, and obtaining money by false pretence.

According to the charge, the defendants in May 2018 dishonestly converted ₦10 million belonging to the complainant, Augustina Ofoegbu, to personal use. They were also accused of issuing three dud cheques valued at ₦10 million, ₦10 million, and ₦5 million through a United Bank for Africa account, all of which were returned unpaid due to insufficient funds.

The court further heard that the defendants, in February 2018, obtained ₦10 million from the complainant under the false pretext of an investment in the company, promising a 250 per cent return within 60 days—a claim found to be fraudulent.

Delivering judgment, Justice Dada found Onyejekwe guilty on all counts and sentenced him to three years imprisonment on Count One for stealing. On Counts Two, Three, and Four relating to the issuance of dud cheques, he was handed two years imprisonment each, while seven years imprisonment was imposed on Count Five for obtaining money by false pretence.

The court ruled that the sentences would run concurrently, resulting in an effective seven-year jail term. It also ordered the convict to restitute ₦8 million to the complainant through the EFCC.

In addition, the court directed the winding up of the company, with all its assets forfeited to the Federal Government of Nigeria.