Court convicts company director for N53.6m oil fraud

The Enugu Zonal Office of the Economic and Financial Crimes Commission, EFCC, has secured the conviction of Placid Ogbuehi Udodiri and his company, Plabeth Oil and Gas Ltd before Justice Akintayo Aluko of the Federal High Court, Abakaliki, Ebonyi State on a seven-count charge of conspiracy, obtaining by false pretence and issuance of dud cheques to the tune of N53,635,350 (Fifty-Three Million, Six Hundred and Thirty-Five Thousand, Three Hundred and Fifty Naira only).

Udodiri’s journey to jail began when his victims petitioned the EFCC alleging that he approached them between 2014 and 2015 claiming to be a licensed dealer in petroleum products, and had supplied diesel at various times to companies like MTN, EDGE and two other organisations.

The convict further deceived them into believing that any investment they made will attract a monthly interest, which he pledged to remit into their accounts. However, he reneged on the agreement after collecting the said monies from the investors, and rather, issued several cheques to the petitioners when confronted, but the cheques were all returned unpaid on the grounds of insufficient funds.