The Special Offences Court, Ikeja, Lagos, on Friday sentenced a 70-year-old man, Olawale Ogun, to seven years’ imprisonment for defrauding two companies of N75.5 million.
Justice Mojisola Dada convicted Ogun on a six-count charge of stealing by fraudulent conversion.
The man’s company, Storage Index Limited, was convicted on a three-count charge of fraudulent conversion.
The judge said the Economic and Financial Crimes Commission (EFCC) proved its case against the defendants beyond a reasonable doubt.
She described Ogun as a “callous, calculating and cunning old man who expended the funds on women.”
Justice Dada held that bank records proved that the defendant had only N900 in his account before perpetrating the fraud, saying he spent the money on a lavish lifestyle and building of houses.
According to her, advance fee fraud is not different from armed robbery.
She said: “The latter occurs when the perpetrator uses a weapon but in the former, words, letters, telephones, and the internet are the weapons.
“The first defendant (Ogun) is hereby convicted on all six counts as charged, while the second defendant (Storage Index Limited) is convicted on counts four, five and six of the charge.
“The first defendant is hereby sentenced to seven years’ imprisonment on the six counts. The sentence is to commence from February 28, 2019, when he was first remanded by this court.
“The verdict of this court on the second defendant is that it winds up and its assets sold and shared in line with Section 297(1) of the Administration of Criminal Justice Law, 2015.”
Dada ordered the defendants to make full restitution of the N75.5 million to the complainants.
The EFCC arraigned the convicts for stealing by fraudulent conversion after they received N75.5million from two companies in February 2017 in Lagos.
The commission said Ogun and his company received N15.5 million from New Vision Agro and Merchandise Limited and N60 million from Fresh and Nourishing International Limited for the purchase of United States dollars.
The convicts, however, converted the funds to their personal use.
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