A Lagos State High Court has sentenced five individuals to seven years in prison each for their role in a N117.7 million fraud involving Chi Limited. The convicts—Yinka Salawu, Joshua Oluremi Daramola, Raji Ahmed, Afolabi Israel Olusegun, and Muraina Olanrewaju Abdullahi—were found guilty of obtaining over N81 million from the company in 2009 under false pretences, claiming it was payment for goods and services they never delivered. The Economic and Financial Crime Commission (EFCC) prosecuted the case, presenting 17 witnesses including EFCC officers, police personnel, bank officials and representatives from Chi Limited, alongside documentary and forensic evidence.
Justice K.A. Jose, delivering judgment on Thursday, ruled that the five convicts would receive credit for time already served in detention during the trial. Each sentence carries an option of fine in lieu of imprisonment. The court also ordered full restitution of the fraudulently obtained funds to Chi Limited, with deductions for any amounts already repaid. Three other suspects in the case were acquitted due to insufficient evidence.
The court ordered restitution to Chi Limited, yet the company's ability to recover the full N81 million remains uncertain despite the judgment. This outcome leaves unresolved how much of the defrauded amount has already been repaid and whether the convicts possess recoverable assets. The seven-year sentences, with credit for time served, may result in earlier release, limiting both punishment and financial recovery.
Editorial note: AI-assisted opinion. All persons mentioned are presumed innocent until proven guilty. Full disclaimer →
