Lagos court jails businessman seven years for $247,390 fraud, orders company winding up

By Adebola Isimijola, Lagos

A Lagos State Special Offences Court sitting in Ikeja has sentenced a businessman, Kingsley Obasi, to seven years imprisonment for fraud involving $247,390, with an option of a ₦5 million fine.

The judgment was delivered on Wednesday, May 14, 2026, by Justice Mojisola Dada, who also ordered the winding up of his company, Great King Parkson Industrial Company, and the forfeiture of its assets to the Federal Government.

Obasi was arraigned alongside his company by the Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 1, on February 22, 2023, on a one-count charge bordering on stealing, contrary to Section 287(9)(b) of the Criminal Law of Lagos State, 2011.

The charge alleged that the defendants dishonestly converted the sum of $162,615 belonging to Vasworld Power Company Nigeria Limited, being proceeds from the sale of car batteries supplied for onward remittance.

The charge read in part:

“That you, Kingsley Obasi and Great King Parkson Industrial Company, sometime in 2021, at Lagos, within the jurisdiction of this Honourable Court, dishonestly converted to your own use the sum of $162,615… being the balance sum realised from the sale of car batteries supplied to you…”

The defendant pleaded not guilty, leading to a full trial.

During the trial, the prosecution counsel, M. K. Bashir, called two witnesses and tendered several documents, all of which were admitted as evidence. The defendant testified in his own defence.

Delivering judgment, Justice Mojisola Dada held that the prosecution had proved its case beyond reasonable doubt.

“The prosecution has successfully established the ingredients of the offence, and the defendants are accordingly found guilty,” the judge ruled.

The court consequently sentenced Obasi to seven years imprisonment with an option of ₦5 million fine.

The court also ordered him to restitute the sum of $247,390 to the complainant through the EFCC.

In addition, the court ordered Great King Parkson Industrial Company to pay a ₦5 million fine and be wound up, with its assets forfeited to the Federal Government.

The case followed a petition by Vasworld Power Company Nigeria Limited, which alleged that Obasi obtained goods under false pretence, sold them, and failed to remit the proceeds.

According to the petitioner, the defendant had negotiated the supply of custom-made batteries from China, which were shipped in the company’s name and delivered in Nigeria, but proceeds from the sale were not remitted.