Business - Latest News - September 14, 2020

N33.6m scam: ‘Oil magnate’ bags 21-year jail

The Economic and Financial Crimes Commission (EFCC) has secured the conviction of a fraudster, fronting as an oil magnate, Mr Adesanya Olufemi.

Olufemi was sentenced to 21 years in prison for defrauding one Oluwatoyin Akinwole of the sum of N33.617million, under the pretence of a crude oil deal.

Justice Mojisola Dada of the Special Offences Court, sitting in Ikeja, Lagos, found him guilty of the crime and handed him 21-year jail for the crime.

Olufemi was arraigned by the Lagos zonal office of the Economic and Financial Crimes Commission, (EFCC), alongside one Awojobi Ganiu, on December 11, 2018 on four-count charges bordering on stealing and obtaining money by false pretence to the tune of N33, 617.000.00 (Thirty Three Million, Six Hundred and Seventeen Thousand Naira).

The petitioner, Oluwatoyin Akinwole, alleged Olufemi, claiming to be a crude oil merchant.

“He approached her to join them in the business sometime in 2017. However, the defendants, after receiving money from her, reneged on the agreement mutually made by them,” the EFCC said in a statement.

His charge sheet read in part: “That you, Adesanya Olufemi and Awojobi Ganiu sometime in 2017 at Lagos , within the Ikeja Judicial Division, with intent to defraud, fraudulently obtained the sum of N33,617.000 (Thirty-Three Million, Six Hundred and Seventeen Thousand Naira) by false pretence, property of Mrs. Oluwatoyin Akinwole, on the representation that you are into crude oil business, which representation you knew was false.”

The defendants pleaded not guilty to the charges when they were read to them, thereby leading to their full trial.

However, the trial eventually involved Olufemi alone, as the second defendant, Ganiu opted for a plea bargain by pleading guilty to the charges.
During the course of the trial of Olufemi, prosecution counsel, Daji Samuel, presented five witnesses, including Akinwole, also known as Toyin Texas, and also tendered several documents that were admitted in evidence by the court.

Delivering her judgment, Justice Dada convicted and sentenced Olufemi to 14 years imprisonment on count one and another 14 years on count two.

He was also convicted and sentenced to seven years imprisonment on count four and discharged on count three.

The sentences run concurrently from the date of his arraignment

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