A Lagos State Special Offences Court sitting in Ikeja has sentenced businessman James Onyejekwe to seven years’ imprisonment over a N28m fraud scheme involving false investment claims.
The trial judge, Justice Mojisola Dada, delivered the judgment after finding Onyejekwe guilty on all five counts filed against him by the Economic and Financial Crimes Commission.
The charges included stealing, issuance of dud cheques, and obtaining money under false pretence.
According to the prosecution, the convict, who operated through Kainos Exploration and Producing Company Limited, obtained N10m from a complainant, Mrs Augustina Ofoegbu, in February 2018.
The funds were collected under the pretext of an investment opportunity, with a promise of a 250 per cent return within 60 days.
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The court heard that the claims were false and deliberately made to deceive the victim. Investigations further revealed that in May 2018, Onyejekwe and his company diverted another N10m belonging to the complainant for personal use.
In addition, the defendant issued three cheques valued at N10m, N10m, and N5m through a United Bank for Africa account, all of which were dishonoured due to insufficient funds.
Delivering her ruling, Justice Dada held that the prosecution successfully established its case beyond reasonable doubt.
She sentenced Onyejekwe to three years’ imprisonment for stealing, two years each on three separate counts of issuing dud cheques, and seven years for obtaining money by false pretence.
The court ordered that all sentences run concurrently, resulting in an effective jail term of seven years.
Beyond the custodial sentence, the court directed the convict to restitute N8m to the complainant through the EFCC.
It also ordered the winding up of Kainos Exploration and Producing Company Limited, with all its assets forfeited to the Federal Government.
Justice Dada affirmed that the company’s operations were integral to the fraudulent scheme, warranting its dissolution and asset forfeiture.
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