Lagos High Court Sends Businessman to 30 Years for $62,500 and €36,020 Fraud
A Lagos State High Court in Ikeja has convicted Olumuyiwa Teniola Idowu and his firm, Tennyvans Nigeria Limited, for diverting $62,500 and €36,020. Justice Ismail Ijelu found them guilty on six counts including stealing and failure to declare assets under the Criminal Law of Lagos State and the EFCC Act. Prosecutors showed that in 2012 the defendants dishonestly converted funds meant for caterpillar parts and the shipment of a DAF truck, box trailer and tippers belonging to Brouwers USA Trucks and Parts BV. The EFCC presented three witnesses and eleven exhibits, while the defence called one witness. The court handed down concurrent five-year sentences on counts one to four, and five years (or an optional N1 million fine per count) on counts five and six. It also ordered that the full sums of $62,500 and €36,020 be returned to the complainant within six months. Following the ruling, Idowu was remanded at Ikoyi Correctional Centre pending the payment of fines or further directive on his custodial term.
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