₦39.5 Million Fraud: Court Orders Forfeiture, Sentences Two to Prison in Anambra State

Justice Victoria Nwoye of the Anambra State High Court in Onitsha has convicted and sentenced Ikechukwu Obiekwe and Ugo Chukwudi to prison for their involvement in a ₦39,528,530 fraud. The prosecution was carried out by the Enugu Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) on a 10-count charge, including conspiracy, fraudulent conversion, stealing, and retention of proceeds of crime. This information was released by the Commission on their official X (formerly Twitter) account.

One of the charges detailed that between 2016 and 2018, Ikechukwu Obiekwe fraudulently converted ₦18,145,530 belonging to Rainbow Hair International Company Limited to his own use, an offense contrary to Section 342 of CAP 30 of the Criminal Code Law of Anambra State, punishable under Section 353 (6) of the same law.

Another charge specified that Ugo Chukwudi transferred ₦5,399,000 to an account belonging to Emma Ogonna Obiekwe, knowing or reasonably suspecting that the money was stolen by Ikechukwu Obiekwe. This act violated Section 17 (A) of the EFCC Act 2004 and is punishable under Section 17 (B) of the same Act.

During the trial, prosecution counsel Mainforce Adaka Ekwu presented six witnesses and submitted multiple documents as evidence. Justice Nwoye, in her judgment on July 9, 2024, found that the prosecution had proven its case beyond a reasonable doubt, sentencing both men to one year imprisonment each without the option of a fine. Additionally, she ordered the forfeiture of the ₦39,528,530 proceeds of their crime to the victim.

The convicts’ journey to prison began on May 19, 2019, following a petition by the victim to the EFCC. The petition alleged that Obiekwe, who was his apprentice, had diverted ₦39,528,530 from the company’s sales account and then absconded when confronted. EFCC’s investigation revealed that Obiekwe, with the help of Chukwudi, had transferred the stolen funds to various accounts.

The convicts were arraigned in December 2019 and have now been brought to justice.