Lagos bizman jailed for two years over N165m fraud

Lagos bizman jailed for two years over N165m fraud

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Justice Oluwatoyin Taiwo of the Lagos State Special Offences Court sitting at Ikeja, on Tuesday, sentenced a man, Olumuyiwa Williams, to two years of imprisonment for conspiracy and stealing.

The Economic and Financial Crimes Commission on March 4, 2019, arraigned the businessman for stealing N165m from an oil company, Equitorial Energy Company Limited.

The convict committed the offences through his firm, Manhattan Corporation Essentials Limited.

PUNCH Metro gathered that Williams conspired with Rotimi Ogundairo, Captain Edward Williams, Olayinka Iduda, Manhattan Corporation Essentials Limited, Atlantic Finaplux Limited and Jodaf Investment Limited, who are all at large, in January 2017, to steal money belonging to Equitorial Energy Company Limited.

Williams was charged with three counts bordering on stealing and conspiracy to commit a felony, to wit, stealing.

The charges read in part, “Olumuyiwa Samuel Williams, Rotimi Ogundairo (at large), Captain Edward Williams (at large), Olayinka Iduda (at large), Manhattan Corporation Essentials Limited, Atlantic Finaplux Limited and Jodaf Investment Nigeria Limited on or about January 9, 2017, at Lagos, within the jurisdiction of this honourable court, and February 10, 2017, with a dishonest intent, stole a cumulative sum of N165,000,000, property of Equitorial Energy Company Limited.”

He pleaded not guilty to the charges when he was arraigned, prompting the commencement of trial.

During the court trial, the prosecuting counsel, Spife Owede, called four witnesses and tendered several documents as exhibits.

Williams testified for himself and did not call any witness.

The judge held that the prosecution proved its case of conspiracy and stealing against the defendants beyond reasonable doubt.

Justice Taiwo pronounced Williams guilty and sentenced him to two years’ imprisonment with a fine option of N2,000,000 each for himself and the company used in carrying out the fraud.

The court also ordered that N109m be paid as restitution to his victim, Equitorial Energy Company Limited, within one year.

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