Justice Mojisola Dada of the Lagos State Special Offences Court sitting in Ikeja has convicted and sentenced a businessman, James Onyejekwe of Kainos Exploration and Producing Company Limited, over a N28m fraud.
The judge also ordered that Kainos Exploration and
Producing Company Limited be wound up, with its assets forfeited to the Federal
Government.
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 prosecution, the convict, in
February 2018, obtained N10m from the nominal complainant, Mrs Augustina
Ofoegbu, under the guise of an investment in the company, with a promise of a
250 per cent return within 60 days.
“The representation made to the complainant was
false, and Onyejekwe knew it was false,” the prosecution told the court.
The court also heard that in May 2018, the convict
and his company dishonestly converted N10m belonging to the complainant to
their personal use.
In addition, Onyejekwe and his company were accused
of issuing three dud cheques valued at N10m, N10m, and N5m through a United
Bank for Africa account, which were returned unpaid due to insufficient funds.
Delivering judgment on Wednesday, Justice Dada
found the convict guilty on all counts.
The judge held that the prosecution proved its case
beyond a reasonable doubt.
She subsequently sentenced Onyejekwe to three
years’ imprisonment on count one for stealing, while imposing two years’
imprisonment each on counts two, three, and four for issuing dud cheques.
On count five, bordering on obtaining money by
false pretence, the court handed him a seven-year jail term.
The judge ordered that the sentences shall run
concurrently, bringing the effective term of imprisonment to seven years.
Justice Dada also directed the convict to restitute
the sum of N8m to the complainant through the EFCC.
In addition, the court ordered that Kainos
Exploration and Producing Company Limited be wound up, with its assets
forfeited to the Federal Government.
“The company is hereby wound up and all its assets
forfeited to the Federal Government of Nigeria,” the court held.
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