A Lagos State High Court sitting in Ikeja has sentenced a businessman, Olumuyiwa Teniola Idowu, and his company, Tennyvans Nigeria Limited, to a combined 30 years’ imprisonment for fraud involving $62,500 and €36,020.
The conviction was secured by the Economic and Financial Crimes Commission (EFCC) before Justice Ismail Ijelu, who delivered the judgment after finding the defendants guilty on a six-count charge bordering on stealing and failure to declare assets.
According to the EFCC, the offences contravened provisions of the Criminal Law of Lagos State, 2011, and the EFCC Act, 2004, which address fraudulent conversion of funds and non-disclosure of assets.
The court heard that the convict fraudulently converted $62,500, being payment for caterpillar parts, and €36,020, meant for the purchase and shipment of a DAF truck, a box trailer, and two tippers.
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The funds belonged to a foreign business partner identified as Rene Theodorous Johannes Brouwers of Brouwers USA Trucks and Parts.
Idowu was first arraigned on November 27, 2024, where he pleaded not guilty, prompting a full trial. During proceedings, the prosecution presented three witnesses and tendered several documentary exhibits, while the defence called one witness.
In his ruling, Justice Ijelu held that the prosecution successfully proved its case beyond reasonable doubt, leading to the conviction of both the defendant and his company.
The court sentenced Idowu to five years’ imprisonment on counts one to four, to run concurrently. He was also handed five years each on counts five and six, with an option of a fine of N1 million per count, payable within six months.
Additionally, the court ordered the convict to restitute the sums of $62,500 and €36,020 to the complainant within six months.
Following the judgment, Idowu was remanded at the Ikoyi Correctional Centre to begin serving his sentence.
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