Sokoto Man Sentenced to 87 Years in Prison for N325m Investment Scam

A Sokoto resident identified as Ahmad Abubakar Ahmad has received a staggering 87-year prison sentence for orchestrating an elaborate investment scam that defrauded 12 unsuspecting victims of a total of N325 million. The scam revolved around fraudulent investment promises in his purported bureau de change business.

Ahmad’s fraudulent scheme, promising monthly returns ranging from 50% to 100% on investments, lured in numerous individuals seeking financial growth. However, investigations by the Economic and Financial Crimes Commission (EFCC) revealed that Ahmad never fulfilled his promises, leaving his victims in financial ruin.

Among the victims, Usama Abdullahi entrusted him with a substantial sum of N80 million for investment, while Najib Hamza handed over N50 million for the same purpose, both of whom fell prey to Ahmad’s deceitful practices.

Upon facing the charges brought against him, Ahmad pleaded guilty to all 12 counts, prompting the EFCC’s counsel, Kufre Ekpeyoung, to request the court to deliver a just conviction.

However, in his defense, Ahmad’s counsel, Hamza Liman, pleaded for leniency on the grounds that his client was a first-time offender.

Justice Dogondaji presiding over the case delivered a verdict that sentenced Ahmad Abubakar Ahmad to 87 years in prison. Additionally, he imposed an option of a fine of N200,000.00 (Two Hundred Thousand Naira) on each count, amounting to a total fine of N2,400,000.00 (Two Million Four Hundred Thousand Naira).

Furthermore, the court ordered Ahmad to make restitution of N225,661,000 (Two Hundred and Twenty-Five Million Six Hundred and Sixty-One Thousand Naira) to all the victims through the EFCC.

One of the charges against Ahmad read: “That you Abubakar Ahmad Abubakar sometime in October 2022 in Sokoto, while being entrusted with property, to wit: the total sum of N80,100,000.00 (Eighty Million One Hundred Thousand Naira) by one Usama Abdullahi for the purpose of Bureau de Change business; you dishonestly converted the said property/sum to your personal use, in violation of the mode in which the trust was to be discharged, and you thereby committed the offence of Criminal Breach of Trust contrary to Section 300 of the Sokoto State Penal Code Law 2019 and punishable under Section 301 of the same Law.”

Another charge stated: “That you Abubakar Ahmad Abubakar sometime in March 2023 in Sokoto, while being entrusted with property, to wit: the total amount of N50,000,000.00 (Fifty Million Naira) by one Najib Hamza for the purpose of Bureau de Change business; you dishonestly converted the said property/sum to your personal use, in violation of the mode in which the trust was to be discharged, and you thereby committed the offence of Criminal Breach of Trust contrary to Section 300 of the Sokoto State Penal Code Law 2019, and punishable under Section 301 of the same Law.”

Ahmad’s sentencing serves as a stark reminder of the legal consequences awaiting those who engage in fraudulent financial schemes, as Nigerian authorities continue their efforts to combat financial crimes.