N117.7m Fraud: Five bag seven years jail term in Lagos

By Adebola Muili

Five persons have been sentenced to seven years’ imprisonment each by the Lagos State High Court sitting in Tapa, Lagos, over their involvement in a N117.7 million fraud case involving Chi Limited.

Justice K.A. Jose convicted Yinka Salawu, Joshua Oluremi Daramola, Raji Ahmed, Afolabi Israel Olusegun and Muraina Olanrewaju Abdullahi on Thursday, September 3, 2026, after finding them guilty of offences arising from the fraudulent transaction.

The Economic and Financial Crimes Commission (EFCC), through its Lagos Zonal Directorate 1, had prosecuted the defendants on a six-count charge bordering on conspiracy to obtain money by false pretence, obtaining money by false pretence and forgery.

The case arose from transactions dating back to 2009, when the defendants were accused of collecting N81,359,922 from Chi Limited purportedly as payment for goods and services.

The prosecution alleged that the representations made to the company were false and that the goods and services for which the money was paid were not supplied. The money was also not refunded to Chi Limited, according to the case presented before the court.

During the proceedings, the prosecution presented 17 witnesses, including officials of the EFCC, the Nigeria Police Force, financial institutions and Chi Limited. Documentary evidence was also tendered in support of the allegations.

In her judgment, Justice Jose found the first, fourth, fifth, sixth and seventh defendants guilty on Counts One, Two and Three.

The court, however, discharged and acquitted the second, third and eighth defendants.

Following the convictions, EFCC counsel, M.S. Owede, asked the court to order the convicts to repay Chi Limited the money covered by Counts Two and Three.

The amount involved in the two counts was put at N117,755,061.

The prosecution also sought an order permitting the sale of properties belonging to the first convict, with the proceeds used to settle the amount owed to Chi Limited. It alternatively asked the court to forfeit the properties to the company.

Justice Jose subsequently sentenced each of the five convicts to seven years in prison without the option of a fine.

The judge said time already spent in custody by the convicts would count towards their respective sentences.

“The convicts will be given credit for the periods they have already spent in custody. All periods spent in prison shall be deducted from the seven-year terms imposed by the court,” Justice Jose ruled.

The court also ordered the convicts to restitute Chi Limited in accordance with Section 297 of the Administration of Criminal Justice Law.

Justice Jose directed that any money previously paid by the convicts should be deducted from the total amount due for restitution.

The convictions bring to a close a case that began with allegations that the defendants fraudulently obtained funds from Chi Limited while claiming the money represented payment for goods and services.

The EFCC maintained that the transactions were not fulfilled and that the funds were neither accounted for through delivery of the goods and services nor refunded to the company.