Lagos Court Sentences Businessman, Firm to 30 Years in Prison Over $62,500 and €36,020 Fraud Case

A Lagos State High Court in Ikeja has sentenced Olumuyiwa Teniola Idowu and his company, Tennyvans Nigeria Limited, to a combined 30 years in prison over fraud involving $62,500 and €36,020.

Justice Ismail Ijelu delivered the judgment after finding the defendants guilty on six counts relating to theft and failure to declare assets. The case was prosecuted by the Economic and Financial Crimes Commission (EFCC).

Court records showed that in 2012, Idowu diverted $62,500 meant for purchasing Caterpillar parts for a foreign company. In a separate transaction, he also misappropriated €36,020 intended for the purchase and shipment of a DAF truck, box trailer, and two tippers for a foreign trucking firm.

Idowu was arraigned in November 2024 and denied the charges, leading to a full trial. The prosecution called three witnesses and presented 11 exhibits, all admitted by the court. The defence called one witness.

In delivering judgment, the court held that the prosecution had established its case beyond reasonable doubt. Idowu received five-year sentences on counts one to four, to run concurrently, and another five-year term on counts five and six. The latter counts carried an option of a N1 million fine each, payable within six months or converted to jail terms.

The court also ordered restitution of $62,500 and €36,020 to the complainant within six months. Idowu has been remanded at the Ikoyi Correctional Centre pending execution of the sentence.