Lagos court jails businessman for $247,390 fraud

Justice Mojisola Dada of the Lagos State Special Offences Court sitting in Ikeja has convicted and sentenced businessman Kingsley Obasi to seven years imprisonment over a $247,390 fraud case.

Obasi and his company, Great King Parkson Industrial Company, were prosecuted by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission on a one-count charge bordering on stealing.

The defendants were arraigned on February 22, 2023, for allegedly converting proceeds from the sale of car batteries belonging to Vasworld Power Company Nigeria Limited.

According to the charge, Obasi dishonestly converted $162,615, being part of the proceeds realised from batteries supplied to him for sale and onward remittance to the complainant company.

The defendant pleaded not guilty, prompting a full trial.

During proceedings, prosecution counsel M.K. Bashir presented two witnesses and tendered several documents admitted by the court as evidence, while Obasi testified in his own defence.

Delivering judgment on Thursday, Justice Dada held that the prosecution successfully proved its case beyond reasonable doubt and found the defendants guilty.

The court sentenced Obasi to seven years imprisonment with an option of a N5 million fine.

Justice Dada also ordered the convict to restitute the outstanding sum of $247,390 to Vasworld Power Company Nigeria Limited through the EFCC.

In addition, the court directed that Great King Parkson Industrial Company pay a N5 million fine and be wound up, with its assets forfeited to the Federal Government.

The EFCC said the case originated from a petition by Vasworld Power Company Nigeria Limited, which accused Obasi of obtaining goods under false pretence and failing to remit proceeds from the sale of batteries supplied to him.

According to the petitioner, batteries worth about N150 million were supplied to the businessman after he expressed interest in purchasing custom-made products imported from China. The company alleged that Obasi sold the products but failed to remit the proceeds.