N25bn fraud: Court jails Orient Petroleum MD, two others 14 years

Justice O. M. Anyachebelu of the Anambra State High Court sitting in Awka has convicted and sentenced the Managing Director of Orient Petroleum Resources Plc, Engineer Nnaemeka Nwawka, alongside Jude Anniekwe Cyril and the Registered Trustees of Sage Nebeife Foundation, to 14 years’ imprisonment each for offences bordering on stealing, conversion and gratification amounting to N25 billion.

The defendants were found guilty on a 10-count charge after pleading not guilty at arraignment, prompting a full trial prosecuted by the Economic and Financial Crimes Commission.

According to the charges, the convicts fraudulently converted millions of naira transferred from Vhelbherg International Limited’s account domiciled in Standard Chartered Bank into the account of Sage Nebeife Foundation at First Bank between 2012 and 2013.

The prosecution, led by counsel Victor Ukagwu, called four witnesses and tendered documentary evidence marked Exhibits P1 to P24 during the 10-year trial. The court heard how Nwawka allegedly facilitated the award of contracts from Orient Petroleum Resources Plc to companies linked to his associate, after which funds were funneled back to him through his foundation for personal use.

Defence counsel U.N. Udechukwu, SAN, and E.S.C. Obiora, SAN, who represented the defendants, argued that the contracts were legitimately handled. However, Justice Anyachebelu held that the prosecution proved its case beyond reasonable doubt and consequently convicted and sentenced the defendants.

In addition to the prison terms, the court ordered Nwawka and his foundation to refund N140.9 million to Orient Petroleum Resources Plc.

The case stemmed from a petition filed by investor Cletus Ibeto, who alleged that he invested N25 billion in the company but that substantial sums were siphoned through suspicious contracts and diverted via the foundation.