Lagos businessman Idowu jailed 30 years over $62,500, €36,020 fraud

By Kazeem Ugbodaga

The Lagos State High Court sitting in Ikeja on Monday sentenced Olumuyiwa Teniola Idowu and his firm, Tennyvans Nigeria Limited, to a total of 30 years’ imprisonment for fraud involving $62,500 and €36,020.

This is contained in a statement issued by the spokesman of the Economic and Financial Crimes Commission (EFCC), Dele Oyewale on Monday.

Justice Ismail Ijelu delivered the judgment after finding the defendants guilty on a six-count charge bordering on stealing and failure to declare assets.

The offences contravened Section 285 of the Criminal Law of Lagos State, 2011, and Section 27(3) of the Economic and Financial Crimes Commission (EFCC) Act, 2004.

According to the charge, Idowu and his company in 2012 “dishonestly converted” $62,500 meant for the purchase of Caterpillar parts belonging to a foreign firm.

In another count, the court heard that the defendants also converted €36,020, being funds for the purchase and shipment of a DAF truck, box trailer and two tippers belonging to Rene Theodorous Johannes Brouwers of Brouwers USA Trucks and Parts.

Idowu was first arraigned on November 27, 2024, and pleaded not guilty, leading to a full trial.

During proceedings, prosecuting counsel, E.S. Okongwu, called three witnesses and tendered 11 exhibits, all admitted in evidence, while defence counsel, Kehinde Olawumi, presented one witness.

In his ruling, Justice Ijelu held that the prosecution proved its case beyond reasonable doubt and convicted the defendants on all counts.

The court sentenced Idowu to five years’ imprisonment on counts one to four, to run concurrently, and five years on counts five and six, with an option of a N1 million fine on each of the latter counts, to be paid within six months or serve the custodial terms.

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

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