Man jailed 30 years for $62,500, €36,020 fraud in Lagos

A Lagos State High Court sitting in Ikeja has convicted and sentenced Olumuyiwa Teniola Idowu, along with his company, Tennyvans Nigeria Limited, to a total of 30 years imprisonment for stealing and failure to declare assets amounting to $62,500 and €36,020.

Justice Ismail Ijelu, who delivered the judgment on Monday, March 30, 2026, found Idowu guilty on a six-count charge filed by the Economic and Financial Crimes Commission (EFCC). The offences contravened Section 285 of the Criminal Law of Lagos State, 2011, and Section 27(3) of the EFCC Act, 2004.

According to the EFCC, Idowu dishonestly converted $62,500, meant for caterpillar parts, and €36,020, meant for the purchase and shipment of a DAF truck, trailer, and two tippers. The funds belonged to a Dutch businessman, Rene Theodorous Johannes Brouwers of Brouwers USA Trucks and Parts.

Idowu, who was first arraigned on November 27, 2024, pleaded not guilty, prompting a full trial. Prosecuting counsel, E.S. Okongwu, presented three witnesses and tendered eleven exhibits, which were all admitted by the court. The defence called one witness.

Delivering judgment, Justice Ijelu held that the prosecution had proved its case beyond reasonable doubt. He consequently sentenced the defendant to five years imprisonment each on counts one to four, to run concurrently. He also received five years imprisonment each on counts five and six, with an option of a ₦1 million fine on each count, payable within six months.

The court further ordered Idowu to restitute $62,500 and €36,020 to the complainant within six months.

Following the judgment, the convict was remanded at the Ikoyi Correctional Centre.