Chi Ltd: Five jailed seven years over N117.7m fraud

Five persons have been sentenced to seven years imprisonment each for their involvement in a N117.7 million fraud involving Chi Limited.

The convicts are Yinka Salawu, Joshua Oluremi Daramola, Raji Ahmed, Afolabi Israel Olusegun and Muraina Olanrewaju Abdullahi.

Justice K.A. Jose of the Lagos State High Court sitting in Tapa, Lagos, handed down the sentences on Thursday, September 3, 2026, following their prosecution by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC).

The five were tried on a six-count charge bordering on conspiracy to obtain money by false pretence, obtaining money by false pretence and forgery.

According to the EFCC, the defendants obtained N81,359,922 from Chi Limited in 2009 under the pretence that the money represented payment for goods and services supplied to the company.

The anti-graft agency said the defendants neither supplied the goods and services nor refunded the money to Chi Limited.

During the trial, the prosecution called 17 witnesses from the EFCC, Nigeria Police Force, banks and Chi Limited and tendered documentary evidence in support of its case.

In her judgment, Justice Jose found the first, fourth, fifth, sixth and seventh defendants guilty on counts one, two and three and convicted them accordingly.

The court, however, discharged and acquitted the second, third and eighth defendants.

Following the convictions, EFCC counsel, M.S. Owede, asked the court to order the convicts to restitute Chi Limited the sums contained in counts two and three, amounting to N117,755,061.

The prosecution also urged the court to order the sale of properties belonging to the first convict and remit the proceeds to Chi Limited, or alternatively forfeit the properties to the company.

Justice Jose sentenced each of the five convicts to seven years in prison without an option of a fine.

The judge said the convicts would receive credit for the period already spent in custody, which would be deducted from their seven-year terms.

On restitution, the court, relying on Section 297 of the Administration of Criminal Justice Law, ordered the convicts to refund the amounts stated in the charge to Chi Limited.

“All monies already paid shall be deducted from the amounts to be restituted,” the judge ruled.