A Lagos State High Court sitting in Ikeja has sentenced businessman, Olumuyiwa Teniola Idowu, to a total of 30 years imprisonment over fraud involving $62,500 and €36,020.
The conviction was disclosed by the Economic and Financial Crimes Commission (EFCC) in a statement shared on its verified X account on Monday.
Idowu and his company, Tennyvans Nigeria Limited, were convicted by Justice Ismail Ijelu of the Lagos State High Court sitting in Ikeja on a six-count charge bordering on stealing and failure to declare assets.
What they are saying
According to the Commission, the defendant fraudulently converted funds belonging to a foreign client in separate transactions involving the purchase of industrial equipment and vehicles.
One of the counts reads:
- “Olumuyiwa Teniola Idowu and Tennyvams Nigeria Limited, sometime in 2012 at Lagos within the jurisdiction of this Honourable court, dishonestly converted to your own use the sum of $62,500 (Sixty-Two Thousand Five Hundred United States Dollars) being the cost of caterpillar parts, property of Rene Theodorous Johannes Brouwers of Brouwers USA Trucks and Parts”.
Another Count Reads:
- “Olumuyiwa Teniola Idowu and Tennyvams Nigeria Limited sometimes in 2012 at Lagos within the jurisdiction of this Honourable court, dishonestly converted to your own use the sum of €36, 020 (Thirty six Thousand, Twenty Euro) being the cost and shipping of DAF Truck, Box trailer and two (2) tippers, property of Rene Theodorous Johannes Brouwers of Brouwers USA Trucks and Parts b.v.”
More insights
The defendant 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, all of which were admitted by the court. The defence counsel, Kehinde Olawumi, called one witness.
In his judgment, Justice Ijelu held that the prosecution proved its case beyond a reasonable doubt and found the defendant guilty on all counts.
The court sentenced him to five years’ imprisonment on counts one to four, to run concurrently. He was also sentenced to five years imprisonment on counts five and six, with an option of a N1 million fine on each count.
The court further ordered the restitution of $62,500 and €36,020 to the victim within six months. Hw was then subsequently remanded at the Ikoyi Correctional Centre.
What you should know
The EFCC has carried out a series of major operations in tackling financial fraud in Nigeria including making efforts to recover victims’ funds.
Earlier this month, the agency detailed how it returned a total of $225,895 and N62,790,000 to foreign victims of fraud.
On March 19, the commission handed over a total sum of N3.9 billion recovered proceeds of fraud to the Nigerian National Petroleum Company Limited (NNPCL).
- The commission also arraigned the Chief Executive Officer of Onome Global Market Resources Limited, Osabohein Ologbose and his wife, Hope Onome Oghelemu, over an alleged N740 million investment fraud.
