Ogun Student Sentenced to 14 Years for N27.5m Fraud

Justice Rahman Oshodi of the Ikeja Special Offences Court sentenced David Ugboko, a 27-year-old undergraduate of the Federal University of Agriculture, Abeokuta, to 14 years’ imprisonment for defrauding investors through a Ponzi scheme totaling N27.5 million. The sentencing occurred on Wednesday after Ugboko was found guilty of 10 counts, including conspiracy and obtaining money by false pretence.

The Economic and Financial Crimes Commission (EFCC) revealed that Ugboko defrauded over 500 investors of more than N1 billion, using funds from new investors to pay earlier depositors while diverting the money for personal use, including purchasing a 2006 Mercedes-Benz and starting construction on a four-bedroom duplex in Ibadan. Ugboko was arraigned in September 2023 and pleaded not guilty.

The judge noted that Ugboko showed no remorse and failed to provide credible accounts of the transactions. The court ordered that the sentence could be reduced to seven years if Ugboko restituted the N27.5 million within 90 days.