Bizman Bags Two Year Jail Term Over N109M Fraud

A Special Offences Court in Ikeja has convicted a businessman, Olumuyiwa Samuel Williams and his firm, Manhattan Corporation Essentials Limited for One Hundred and Nine Million Naira (N109,000,000.00) only fraud.

The Economic and Financial Crimes Commission, (EFCC), had arraigned Williams and his company on a three-count amended charge bordering on stealing and conspiracy to commit a felony.

One of the charges reads: “Olumuyiwa Samuel Williams, Rotimi Ogundairo (at large), Captain Edward Williams (at large), Olayinka (at large), Manhattan Corporation Essentials Limited, Atlantic Finaplux Limited and Jodaf Investment Nigeria Limited on or about 9th day of January 2017 at Lagos within the jurisdiction of this Honourable Court and 9th day of February 2017 with a dishonest intent stole a cumulative sum of N41,250,000 property of Equitorial Energy Company Limited.”

He had pleaded “not guilty” to the charges when he was arraigned prompting the commencement of trial.

In the course of the trial, the prosecuting counsel, Spife Owede, called four witnesses and tendered several documentary pieces of evidence to prove the case against him and his company.

The defendant testified for himself and did not call any other witness.

Delivering judgement, Justice Oluwatoyin Taiwo held that the prosecution proved the case of conspiracy to steal and stealing against the defendants beyond every reasonable doubt.

Justice Taiwo thereafter pronounced him guilty as charged and sentenced him to two years in prison.

He was also ordered to restitute the sum of N109 million to his victim, Equitorial Energy Company Limited within one year.

He was however given an option of a fine of N2 Million for the offence of stealing. The company was also fined N2 Million.