Court jails businessman for $1.4m fraud in Lagos

The Special Offences Court sitting in the Ikeja area of Lagos State has convicted and sentenced a businessman, Kolawole Erinle, to 12 years imprisonment for $1.4 million fraud.

Erinle and his company, Rinde-Remdex Nigeria Limited, were first arraigned before Justice Oluwatoyin Taiwo of the Special Offences Court on March 11, 2022.

Though he pleaded “not guilty”, the trial could not be concluded before the retirement of Justice Taiwo, thereby prompting the re-assignment of the case to Justice Rahman Oshodi.

He was subsequently re-arraigned on October 28, 2022, before Justice Oshodi on three-count charges bordering on conspiracy, retention of proceeds of criminal conduct, and obtaining money under false pretence to the tune of $1,410,000.

One of the charges read: “Kolawole Adedayo Erinle and Edward Dada (still at large), sometime in 2019, at Lagos, within the jurisdiction of this Honourable Court, conspired to falsely represent yourselves as J.E. Dunn, a local construction company in America, with intent to gain monetary advantage in the sum of $1,410,000 (One Million Four-Hundred and Ten Thousand United States Dollars) by creating a fake domain name jedunn.org and thereby committed an offence contrary to Section 8 of the Advance Fee Fraud and Other Related Offences Act No 14, 2006.”

Another count read: “Kolawole Adedayo Erinle, Rinde-Remdex Nigeria Limited and Edward Dada (still at large) on or about the 3rd day of May 2019, at Lagos, within the jurisdiction of this Honourable Court, retain the control of $1,410,000 (One Million Four-Hundred and Ten Thousand United States Dollars) in your Access Bank account, which sum you knew to be proceeds of various internet and cybercrime.”

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He, again, pleaded “not guilty” to the charges.

In the course of the trial, the prosecution counsel, T.J. Banjo, called four witnesses, through whom several documentary evidence were presented to prove the case against him and his company.

The prosecution also presented evidence to prove that Erinle was an ex-convict in the United States for bank fraud.

Led in evidence by his counsel, Lawal Pedro, SAN, the businessman denied the allegations brought against him by the prosecution.

Under cross-examination by the prosecution, he admitted that he was an ex-convict in the U.S., and spent 23 months in prison.

Erinle also expressed a change of mind to restitute his victim, saying “I am sorry”.

Delivering judgement on September 26, 2023, Justice Oshodi declared the defendant and his company guilty as charged, and also held that the prosecution proved the case against them beyond every reasonable doubt.

Justice Oshodi, therefore, sentenced the businessman to five years imprisonment on count two, and 12 years on count three.

The judge stated that the sentences must run concurrently from February 10, 2023, when Erinle was remanded by the court.

His company was fined N50 million and also ordered to be wound up by the Corporate Affairs Commission (CAC) with the proceeds forfeited to the Federal Government.

The convicts were also ordered to make restitution to the victim.

The judge further ordered that all the properties and vehicles recovered from them by the EFCC be sold and applied as restitution to the victim through the FBI.

The funds standing to the businessman’s credit as recovered by the EFCC, and the company, Justice Oshodi added “shall be applied as restitution for the victim by the FBI; this is without prejudice for the prosecution and the victim to secure a full restitution.”

The Star