Man bags 30 years imprisonment over $62,500, €36,020 fraud in Lagos

Justice of the Lagos state high court sitting in Ikeja has convicted and sentenced Olumuyiwa Teniola Idowu and his firm, Tennyvans Nigeria Limited, to a total of 30 years’ imprisonment over fraud involving $62,500 and €36,020.

The judgment, delivered on Monday, followed Idowu’s trial on a six-count charge bordering on stealing and failure to declare assets, in violation of the Criminal Law of Lagos State, 2011, and the (EFCC) Act, 2004.

According to the prosecution, Idowu and his company dishonestly converted funds belonging to a foreign businessman, of Brouwers USA Trucks and Parts.

One of the charges stated that the defendants, in 2012, fraudulently converted $62,500, being payment for caterpillar parts belonging to the complainant.

Another count revealed that they also diverted €36,020 meant for the purchase and shipment of a DAF truck, a box trailer and two tippers.

Idowu was first arraigned on November 27, 2024, where he pleaded not guilty, leading to a full trial.

During proceedings, prosecution counsel E. S. Okongwu called three witnesses and tendered eleven exhibits, while Kehinde Olawumi, the defence counsel presented one witness.

In his ruling, Justice Ijelu held that the prosecution had proved its case beyond reasonable doubt and found the defendant guilty on all counts.

The court sentenced Idowu to five years’ imprisonment on counts one to four, to run concurrently.

He was also handed five years’ imprisonment on counts five and six, with an option of a fine of N1 million on each count, payable within six months or serve the custodial terms.

The court further ordered the convict to restitute the sums of $62,500 and €36,020 to the complainant within six months.

Following the judgment, Idowu was remanded at the Ikoyi Correctional Centre.