Man sentenced to 12 years for N64m theft under forex conversion scamBy Imisioluwa Afunmiso
A Special Offences Court sitting in Ikeja, Lagos, has sentenced a businessman, Chukwuemeka Udezuka, to 12 years imprisonment for stealing over N64m from unsuspecting victims under the pretence of facilitating foreign exchange transactions.
Justice Rahman Oshodi delivered the judgment on Friday after finding Udezuka guilty on a four-count charge of stealing brought against him by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC).
The convict, alongside his company, Mezu Connection Investment Limited, was accused of collecting funds from four victims with the promise of converting the money from naira to United States dollars at the official Central Bank of Nigeria (CBN) exchange rate. However, after receiving the funds, he allegedly became unreachable and failed to deliver the promised dollars or refund the victims.
The EFCC had arraigned Udezuka on January 31, 2024, on charges bordering on stealing, contrary to Sections 278 and 285(1) of the Criminal Law of Lagos State, 2011.
One of the charges alleged that the defendant dishonestly converted N28 million belonging to Chizoba Benson Chiegwu to his personal use, while another count accused him of converting N17.36 million belonging to Hojoli Augustine Okechukwu.
During the trial, prosecution counsel, I.O. Daramola, called seven witnesses and tendered documentary evidence, including the defendant’s extra-judicial statements, bank records, account statements and correspondence, all of which were admitted by the court.
In his judgment, Justice Oshodi held that the prosecution successfully proved its case beyond reasonable doubt, describing the defendant’s conduct as premeditated and fraudulent.
The court sentenced Udezuka to three years imprisonment on each of the four counts, with the sentences to run consecutively, amounting to a total jail term of 12 years.
During allocutus, the convict pleaded for mercy and expressed remorse, while his counsel, Emeka Ezeobi, urged the court to temper justice with mercy. However, the judge ruled that the gravity of the offence justified a custodial sentence.
Justice Oshodi further ordered Udezuka to make full restitution to the four victims and file an affidavit of compliance within 90 days from the date of judgment.
The court also imposed financial sanctions on Mezu Connection Investment Limited, directing the company to pay a fine of N500,000 on each of the four counts.