EFCC secures 30-year jail term for Lagos fraudster over $62,500, €36,020 scam

A Lagos State High Court sitting in Ikeja has convicted and sentenced businessman, Olumuyiwa Teniola Idowu, and his firm, Tennyvans Nigeria Limited, to a combined 30 years imprisonment for fraud involving $62,500 and €36,020.

The judgment, delivered on Monday by Ismail Ijelu (Justice) followed the successful prosecution of the case by the Economic and Financial Crimes Commission (EFCC).

Idowu and his company were arraigned on a six-count charge bordering on stealing and failure to declare assets, offences that contravene Section 285 of the Criminal Law of Lagos State, 2011, and Section 27(3) of the EFCC Act, 2004.

According to court filings, the defendants fraudulently converted funds belonging to a foreign businessman, Rene Theodorous Johannes Brouwers, owner of Brouwers USA Trucks and Parts.

One of the charges revealed that the convict dishonestly converted $62,500 meant for the purchase of caterpillar parts.

Read also: EFCC re-arraigns Nadabo Energy boss over alleged N1.4bn oil subsidy fraud

Another count detailed the misappropriation of €36,020, which was meant to cover the cost and shipping of a DAF truck, a box trailer, and two tippers.

The defendant was first arraigned on November 27, 2024, where he pleaded not guilty, prompting a full trial.

EFCC prosecuting counsel, E. S. Okongwu, presented three witnesses and tendered eleven exhibits, all of which were admitted by the court. The defence, led by Kehinde Olawumi, called one witness.

In his ruling, Ijelu held that the prosecution had proven its case beyond reasonable doubt, leading to the conviction of the defendant on all counts.

The court sentenced Idowu to five years imprisonment on counts one to four, with the terms 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 face additional jail time.

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

Idowu was remanded at the Ikoyi Correctional Centre.