N25bn Fraud: Orient Petroleum MD, Co-Defendants Get 14-Year Jail Terms

Justice O.M. Anyachebelu of the Anambra State High Court in Awka has convicted the Managing Director of Orient Petroleum Resources Plc, Nnaemeka Nwawka, and the Registered Trustees of Sage Nebefeife Foundation, sentencing each to 14 years in prison for fraud linked to N25 billion in investor funds.

The judgment followed a 10-year trial on a 10-count charge bordering on stealing, fraudulent conversion and gratification.

The court found that between April and December 2012, the convicts diverted N82.8 million transferred from Vhelbherg International Limited’s account with Standard Chartered Bank into the account of Sage Nebefeife Foundation held at First Bank.

In a separate count, the court held that between January and May 2013, an additional N29.6 million from the same company was similarly transferred into the foundation’s account and used for personal purposes.

The defendants pleaded not guilty, prompting the Economic and Financial Crimes Commission (EFCC) to proceed to trial. The prosecution, led by Victor Ukagwu, called four witnesses and tendered documentary exhibits marked P1 to P24.

Evidence presented showed that Nwawka facilitated the award of contracts from Orient Petroleum Resources Plc to companies linked to his associates. According to the prosecution, payments for those contracts were later routed back to him through the foundation and withdrawn for personal use.

Defence counsel U.N. Udechukwu (SAN), representing the first and third defendants, and E.S.C. Obiora (SAN), representing the second defendant, argued that the contracts followed due process and were properly executed.

In delivering judgment, Justice Anyachebelu held that the prosecution established its case beyond reasonable doubt. The court sentenced Nwawka and the foundation’s trustees to 14 years’ imprisonment each and ordered them to refund N140.9 million to Orient Petroleum Resources Plc.

The case originated from a petition to the EFCC by investor Cletus Ibeto, who alleged that he invested N25 billion in the company and that the funds were siphoned through contract awards to firms linked to the managing director and channelled back through the foundation.