Lagos court jails businessman for $247,390 fraud…

Justice Mojisola Dada of the Lagos State Special Offenses Court, sitting in Ikeja, has convicted and sentenced businessman Kingsley Obasi to seven years imprisonment in a N247,390 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 charge bordering on theft.

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

According to the indictment, Obasi dishonestly converted $162,615, forming part of the proceeds realized from batteries supplied to him for sale and subsequent remittance to the complainant company.

The defendant has pleaded not guilty, triggering a full trial.

During the proceedings, prosecution lawyer MK Bashir presented two witnesses and submitted several documents admitted by the court into evidence, while Obasi testified in his own defence.

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

The court sentenced Obasi to seven years in prison with an option of a fine of $5 million.

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

Additionally, the court ordered that Great King Parkson Industrial Company pay a $5 million fine and be liquidated, 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 pretenses and failing to remit proceeds from the sale of batteries supplied to him.

According to the petitioner, the businessman was allegedly supplied with batteries worth about 150 million naira after he expressed interest in purchasing customized products imported from China. The company said Obasi sold the products but did not remit the proceeds.

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