Accountant Bags 7 years Jail Term Over N27.6m Scam

Justice Lateefa Okunnu of the Lagos High Court, Ikeja, on Thursday December 13, 2012, sentenced one Akinyemi Idowu Jegede to seven years imprisonment.

The convict was prosecuted by the Economic and Financial Crimes Commission, EFCC, on a two count amended information dated March 1, 2011.The accused was said to have obtained by false pretence the sum of N27, 692,500 (Twenty Seven Million, Six Hundred and Ninety Two Thousand Five Hundred Naira) contrary to section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act No 14 of 2006.

Akinyemi, a Chartered Accountant and managing director of Trans-Atlantic Global Oil was arraigned on September 10, 2007, on allegation that he fraudulently obtained money from his victims in a dubious forex transaction.

 His arrest and prosecution was sequel to two petitions dated 18th and 20th September, 2006 by Amfidel International Limited and Sunny Ositez International Limited respectively, where they alleged that one Mr. Ifeanacho Egbuna whilst being the Branch Manager of Fidelity Bank Plc, Enu-Owa branch, Lagos Island collected various sums of money from them with a promise that the dollar equivalent will be transferred to the account of their overseas suppliers. To finalize the transaction the petitioners issued draft for the sums of N13, 570,000.00 and N14, 122,500.00 respectively in the name of Trans-Atlantic Global Oil Services Ltd, a company wholly owned and operated by the accused person.

 In the course of interrogation, the accused volunteered in his statement wherein he admitted collecting various sum of money totalling N27, 692,500 (Twenty seven Million, Six hundred and ninety two thousand five hundred naira) from the said Mr. Ifeanacho Egbuna and that he could not transfer the said sums as agreed because he had some problems in his petroleum business.

 On December 13, 2012, counsel to EFCC Francis Usani urged the court to convict the accused person on the strength of the testimonies of 7 witnesses and the 23 exhibits tendered during trial.

But counsel to accused person, E.D Onyeke prayed the court to discharge and acquit his client of the charges preferred against him.

 But Justice Okunnu in her ruling convicted and sentenced the accused to 7years imprisonment. She also ordered the convict to pay restitution to the victims.

 Wilson Uwujaren
Ag. Head, Media & Publicity

5 comment(s)
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Future of our country

We hope that such judgments will be extended to our corrupt elected officials or the judiciary will remain a mockery of its self

Nigeria only convicts petty thieves

Convicting Akinyemi Idowu to 7 years in prison for a mere 27 million scam while giving cecilia ibru 8 months for looting over a 100 billion and not even convicting the government officials who loot billions and trillions shows that nigeria is a nation that preys on the petty thieves while letting go the real criminals. Nigeria is the land of injustice.

Justice upturned

EFCC is not getting it right. The man in question is a small thief. Cecelia Ibru stole billions of bank customers money, a former Inspector General of Police stole muti billions of tax payers'money, Lucky Igbenedion stole billions of public funds, yet, they all got less than eight months prison terms. This poor Egbuna guy stole 27 million,spent over 3 years in jail and now the judge gives him seven years sentence. This is mockery of a nation's judicial system because there is no equity and fair play.

Joke of a justice system

If this sentence of 7 years for N27m fraud is just (and it is), then Cecilia Ibru, that pathological kleptomaniac who stole N191 BILLION, including using her housegirl's name to apply for a N10m loan she never repaid, buying hundreds of properties in Dubai, the UK, the US, etc should have been sentenced to at least 10 life sentences! Or a firing squad. Or lethal injection.Instead, the overweight ho' spent 6months in a hospital bed, and now is free... Nigerian 'justice' is a joke.


This is what we call justice in Nigeria. Petty thieves to their deaths while the big time bandits in government would receive a slap at the back of their hands. God's judgement will surely fall on the wicked and their children.

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