LAGOS COURT JAILS MAN 28 MONTHS FOR ₦822M FRAUD
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By; Sunmola Ganiyat
The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission has secured the conviction of Minnis Uchenna Howard and his company, Howard Minnis Asset Management Limited, over a fraud involving ₦822.4 million.
Justice R. A. Oshodi of the Lagos State Special Offences Court sitting in Ikeja delivered the judgment on Friday.
The defendants were originally arraigned on November 30, 2023, on charges of obtaining by false pretence and stealing. They initially pleaded not guilty, prompting a full trial during which the prosecution called four witnesses and tendered documentary evidence, while the defence presented two witnesses.
However, on July 3, 2026, the defendants were re-arraigned on an amended one-count charge of dishonest conversion of funds and subsequently changed their plea to guilty.
According to the charge, Howard and his company unlawfully converted ₦822,422,260 belonging to Krystal Lubes Limited. The money had been paid for the purchase of 900,000 litres of SN900 Base Oil and 500,000 litres of SN500 Base Oil.
Following the guilty plea, prosecuting counsel, M. K. Bashir, urged the court to convict the defendants and rely on the evidence already presented during the trial.
In his ruling, Justice Oshodi sentenced Howard to two years and four months imprisonment.
The court also imposed a ₦10 million fine on Howard Minnis Asset Management Limited.
In addition, the judge ordered both defendants to fully refund the ₦822.4 million to Krystal Lubes Limited within one year, in accordance with a nomination agreement signed by the defendants, their guarantor and the complainant.
The court further directed that the ₦45 million recovered during the EFCC investigation be released to the complainant within seven days.
The conviction marks the conclusion of a case that began in 2023 and centred on the alleged diversion of funds meant for the supply of petroleum base oil products.
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