Kingsley Obasi, a Lagos businessman has been jailed by a Special Offences Court sitting in Lagos over $247,390 fraud.
In a judgment delivered on Thursday, Justice Mojisola Dada sentenced Mr Obasi to seven years imprisonment with an option of a N5 million fine after finding him and his company, Great King Parkson Industrial Company, guilty of stealing.
The Economic and Financial Crimes Commission (EFCC) had arraigned Mr Obasi and the company on 22 February 2023 on a one-count charge of stealing, contrary to Section 287(9)(b) of the Criminal Law of Lagos State, 2011.
According to the EFCC, the defendants dishonestly converted proceeds from the sale of car batteries supplied by Vasworld Power Company Nigeria Limited.
The charge stated that the defendants, sometime in 2021 in Lagos, converted $162,615, being the balance realised from the sale of batteries supplied to them “for sale and onward remittance” to the complainant company.
Mr Obasi, who represented the company during the proceedings, pleaded not guilty, prompting a full trial.
During the trial, prosecution counsel M. K. Bashir presented two witnesses and tendered several documents which were admitted as evidence by the court. The defendant also testified in his own defence.
Delivering judgment, Justice Dada ruled that the prosecution successfully proved its case beyond reasonable doubt and consequently convicted both the businessman and his company.
Defence counsel Suleiman Etuzogie appealed for leniency, urging the court to temper justice with mercy and stating that the convict had learned valuable lessons about conducting business in Nigeria.
The judge thereafter sentenced Mr Obasi to seven years imprisonment with an option of a N5 million fine.
The court also ordered him to restitute the outstanding $247,390, described as proceeds from the sale of batteries belonging to Vasworld Power Company Nigeria Limited, through the EFCC.
Additionally, Great King Parkson Industrial Company was fined N5 million. The court further ordered that the company be wound up and its assets forfeited to the Federal Government.
The EFCC explained that the matter originated from a petition filed by Vasworld Power Company Nigeria Limited, which alleged that Mr Obasi obtained goods under false pretences and diverted proceeds from their sale.
According to the anti-graft agency, the petitioner claimed Mr Obasi, who frequently travelled to China, approached the company to purchase specially made batteries.
The batteries were reportedly shipped in the name of his company and received in Nigeria, but proceeds from the sale of products valued at about N150 million were allegedly not remitted to the supplier.
The conviction marks another fraud-related prosecution secured by the EFCC before Justice Dada, who has recently handed down several judgments involving restitution, forfeiture, and prison sentences in financial crime cases.
