Lagos Businessman Sentenced to 30 Years for Fraud

Olumuyiwa Teniola Idowu, a businessman from Lagos, was sentenced to a total of 30 years in prison by the Lagos State High Court sitting in Ikeja for committing fraud involving $62,500 and €36,020. The court, presided over by Justice Ismail Ijelu, found Idowu guilty on six counts related to theft, failure to declare assets, and fraudulent conversion of funds belonging to a foreign client.

The Economic and Financial Crimes Commission (EFCC) disclosed that Idowu was first arraigned on November 27, 2024, where he pleaded not guilty, leading to a full trial. The prosecution, led by E.S.

Okongwu, presented three witnesses and submitted eleven exhibits, while the defense counsel, Kehind Olawumi, also called witnesses. The court sentenced Idowu to five years imprisonment on counts one to four, with concurrent sentences on counts five and six, and an option of a fine of N1 million for each count.

Additionally, he was ordered to restitute the victims within six months.