Lagos Court Jails Businessman Seven Years for $247,390 Fraud.
Lagos, Nigeria Thursday, May 14, 2026
Justice Mojisola Dada of the Lagos State Special Offences Court sitting in Ikeja, Lagos, has convicted and sentenced a businessman, Kingsley Obasi, to seven years imprisonment for his role in a $247,390 fraud case
Obasi was arraigned alongside his company, Great King Parkson Industrial Company, by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) on February 22, 2023, on a one-count charge bordering on stealing, contrary to Section 287(9)(b) of the Criminal Law of Lagos State, 2011.
According to court proceedings, the offence involved the unlawful conversion of funds amounting to $247,390, an act the prosecution described as deliberate financial misconduct and a breach of trust.
After reviewing the evidence presented by the prosecution, the court found Obasi guilty and sentenced him to seven years imprisonment.
The EFCC, which has continued its anti-corruption enforcement efforts across the country, described the conviction as part of its mandate to deter financial crimes and uphold accountability in business transactions.
