Businessman Sentenced to 30 Years for Stealing $62,500, €36,020

A Lagos State High Court sitting in Ikeja has convicted and sentenced a businessman, Olumuyiwa Idowu, to 30 years’ imprisonment for stealing and failure to declare assets involving $62,500 and €36,020.

Justice Ismail Ijelu handed down the jail term on Monday while delivering judgment, holding that the prosecution had proved its case beyond reasonable doubt.

Idowu and his company were arraigned on six counts bordering on stealing and failure to declare assets, preferred against them by the Economic and Financial Crimes Commission. The convict was first arraigned on November 27, 2024, where he pleaded not guilty, leading to a full trial.

The prosecution counsel, E. S. Okongwu, told the court that Idowu and his company, sometime in 2012 in Lagos, dishonestly converted to their own use the sum of $62,500, being the cost of Caterpillar parts belonging to Rene Theodorous Johannes Brouwers of Brouwers USA Trucks and Parts.

Okongwu also informed the court that the convicts dishonestly converted to their own use the sum of €36,020, being the cost and shipping fees for a DAF truck, box trailer, and two tippers belonging to the same complainant.

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

During the trial, the prosecution called three witnesses and tendered eleven exhibits, all of which were admitted in evidence, while the defence counsel called one witness.

While handing down the sentence, the court held that Idowu is hereby sentenced to five years’ imprisonment on counts one to four, to run concurrently. On counts five and six, the court imposed five years’ imprisonment on each count, with an option of a fine of N1,000,000 on each count, to be paid within six months, or the convict would serve the custodial terms.

The court further directed that the sums of $62,500 and €36,020 be restituted to the nominal complainant within six months.

The convict was thereafter remanded at the Ikoyi Correctional Centre.