$62,500 and €36,020 Fraud: Man Bags 30 Years Imprisonment in Lagos
March 30, 2026, Ikeja, Lagos State, Nigeria
Justice Ismail Ijelu of the Lagos State High Court, sitting in Ikeja, Lagos, on Monday, March 30, 2026, convicted and sentenced Olumuyiwa Teniola Idowu and his company, Tennyvans Nigeria Limited, to a total of 30 years imprisonment on a six-count charge bordering on stealing and failure to declare assets amounting to $62,500 and €36,020.
The offences were found to be in violation of Section 285 of the Criminal Law of Lagos State, 2011, as well as Section 27(3) of the Economic and Financial Crimes Commission (EFCC) Act, 2004, which address non-disclosure of assets and refusal to declare properties.
One of the charges stated that Idowu and his company, sometime in 2012 in Lagos, dishonestly converted to personal use the sum of $62,500, being payment for caterpillar parts belonging to Rene Theodorous Johannes Brouwers of Brouwers USA Trucks and Parts.
Another count revealed that the defendants similarly converted €36,020 meant for the purchase and shipment of a DAF truck, box trailer, and two tippers belonging to the same complainant.
Idowu was first arraigned on November 27, 2024, where he pleaded not guilty, leading to a full trial. During the proceedings, prosecuting counsel, E. S. Okongwu, presented three witnesses and tendered eleven exhibits, all of which were admitted by the court. The defence counsel, Kehinde Olawumi, called one witness.
Delivering judgment, Justice Ijelu held that the prosecution had proven its case beyond reasonable doubt and consequently found the defendant guilty on all counts.
The court sentenced him to five years imprisonment on counts one to four, to run concurrently. He was also sentenced to five years imprisonment on counts five and six, with an option of a fine of N1 million on each count, payable within six months or to serve the custodial sentences.
In addition to the prison terms, the court ordered restitution of $62,500 and €36,020 to the nominal complainant within six months.
Following the judgment, the convict was remanded at the Ikoyi Correctional Centre.
