Olumuyiwa Idowu and Tennyvans Nigeria Limited sentenced to 30 years for misappropriating $62,500 and €36,020 in Lagos fraud case
The Lagos State High Court sitting in Ikeja has sentenced businessman Olumuyiwa Teniola Idowu and his company, Tennyvans Nigeria Limited, to a combined 30 years’ imprisonment for fraud involving $62,500 and €36,020.
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Justice Ismail Ijelu delivered the judgment after convicting the defendants on a six-count charge of stealing and failure to declare assets, offences contravening Section 285 of the Criminal Law of Lagos State, 2011, and Section 27(3) of the Economic and Financial Crimes Commission (EFCC) Act, 2004.
The prosecution, led by E.S. Okongwu, presented three witnesses and 11 exhibits, while the defence, represented by Kehinde Olawumi, called one witness.
The court held that the prosecution had proven its case beyond reasonable doubt.
Court documents show that in 2012, Idowu and Tennyvans Nigeria Limited “dishonestly converted” $62,500 intended for the purchase of Caterpillar parts for a foreign firm.
They also misappropriated €36,020, funds designated for the acquisition and shipment of a DAF truck, box trailer, and two tippers belonging to Rene Theodorous Johannes Brouwers of Brouwers USA Trucks and Parts.
Justice Ijelu 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 to pay a N1 million fine per count within six months or serve the custodial terms. The court also ordered restitution of the misappropriated funds within six months.
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Following the judgment, Idowu was remanded at Ikoyi Correctional Centre.
