LAGOS COURT JAILS MAN 12 YEARS FOR STEALING N64M UNDER FOREX CONVERSION SCHEME
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By Aishat Momoh. O.
Justice Rahman Oshodi of the Special Offences Court sitting in Ikeja, Lagos, has convicted and sentenced Chukwuemeka Udezuka to 12 years’ imprisonment for stealing a total sum of ₦64.06 million from multiple victims under the guise of facilitating foreign exchange transactions.
The judgment was delivered on Friday, June 5, 2026, following the court’s finding that the prosecution had established its case beyond reasonable doubt on a four-count charge of stealing brought against the defendant by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC).
Udezuka was prosecuted alongside his company, Mezu Connection Investment Limited, over allegations that they collected funds from four individuals with promises to convert naira to United States dollars at the official Central Bank of Nigeria exchange rate.
According to the EFCC, after receiving the funds, the defendant allegedly became unreachable, preventing the victims from recovering their money.
The defendant was initially arraigned on January 31, 2024, on charges bordering on stealing contrary to Sections 278 and 285(1) of the Criminal Law of Lagos State, 2011.
One of the counts alleged that Udezuka and his company dishonestly converted ₦28 million belonging to Chizoba Benson Chiegwu for personal use.
Another charge accused them of converting ₦17.36 million belonging to Hojoli Augustine Okechukwu.
During the trial, prosecuting counsel, I.O. Daramola, called seven witnesses and tendered documentary evidence, including the defendant’s extra-judicial statements, bank correspondence, and account records, all of which were admitted by the court.
Delivering judgment, Justice Oshodi described the offence as premeditated and ruled that the prosecution had successfully proved the allegations beyond reasonable doubt.
The court sentenced Udezuka to three years’ imprisonment on each of the four counts, with the sentences to run consecutively, resulting in a total jail term of 12 years.
During allocutus, the convict appealed for leniency, expressing remorse and requesting a second chance. Defence counsel, Emeka Ezeobi, also urged the court to temper justice with mercy.
However, the court held that the gravity of the offence justified a custodial sentence.
In addition to the prison term, Justice Oshodi ordered the convict to make full restitution to all four victims from the date of judgment and directed that an affidavit of compliance be filed within 90 days.
The court also imposed financial sanctions on Mezu Connection Investment Limited, ordering the company to pay a fine of ₦500,000 on each of the four counts.
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