Five Sentenced to Seven Years for N117.7m Fraud

Justice K.A. Jose of the Lagos State High Court sentenced five individuals (Yinka Salawu, Joshua Oluremi Daramola, Raji Ahmed, Afolabi Israel Olusegun, and Muraina Olanrewaju Abdullahi) to seven years’ imprisonment each for their roles in a N117.7 million fraud involving Chi Limited.

The Economic and Financial Crimes Commission (EFCC) announced the verdict in a statement on X. The convicts were found guilty on multiple counts, including conspiracy to obtain money by false pretenses and forgery, after the EFCC presented 17 witnesses and various documentary evidence. The fraud involved obtaining N81,359,922 from Chi Limited in 2009 under false pretenses for goods and services that were never delivered.

Justice Jose ordered the convicts to repay Chi Limited the amounts specified in the charges and allowed them credit for time already served in custody. The court also considered the sale of properties belonging to the first convict to facilitate restitution.