Lagos Court Sentences Kingslei Obasi to Seven Years for Fraud

On May 14, 2026, Kingslei Obasi was sentenced to seven years in prison by Justice Mojisola Dada at the Lagos State Special Offences Court in Ikeja for fraud totaling $247,390. Obasi, alongside Great King Parkson Industrial Company, was arraigned by the Economic and Financial Crimes Commission (EFCC) on February 1, 2023, on charges related to the dishonest conversion of funds.

The charges stemmed from actions taken in 2021, where Obasi was accused of converting $162,615 belonging to Vasworld Power Company Nigeria Limited. During the trial, the prosecution, led by M.K.

Bashir, presented evidence and called witnesses, while Obasi pleaded not guilty. Justice Dada found him guilty, emphasizing that the prosecution proved its case beyond a reasonable doubt.

The court also ordered Obasi to pay restitution of $247,390 and imposed a fine of N5 million on him and Great King Parkson Industrial Company, which would forfeit its assets to the federal government.