A businessman, Emeka Ekwunife, has been sentenced to prison.
He was sentenced to 10 years’ imprisonment by a Lagos State Special Offences Court, Ikeja, on Thursday.
This was after he was arraigned by the Economic and Financial Crimes Commission (EFCC) on a eight-count charge of stealing by fraudulent conversion.
The suit, "Federal Republic of Nigeria Vs. Chukwuemeka Ekwunife & Structured Energy Limited" has been in court since 2016.
The presiding judge, Justice S. Solebo, found the businessman guilty on six charges and sentenced him to 10 years’ imprisonment with an option of N50million fine.
Ekwunife was earlier remanded in prison custody over an alleged theft of N434.1million.
According to the EFCC, the businessman alongside his company, Structured Energy Ltd on November 19 2013 allegedly converted the sum of N99.6million belonging to Napal Oil and Gas Services Limited to his personal use.
Between June 4, 2015 and October 28 2013, Ekwunife also converted the sum of N85million and N3million to his personal use property of Nepal Oil and Gas ltd.
The defendant between November 4 and 7, 2014, converted the sum of N3.5million, to his personal use property of Nepal Oil and Gas.
The commission further stated that the Ekwunife alongside his company on November 28, 2013, converted the sum of N130million to his personal use.
The commission also disclosed that the defendant and his company stole the sum of N25million and in June 24, 2015, the sum of N88 million was also stolen by the defendant. According to the EFCC, the offence was punishable under sections 285 (1), 278 (b), of the criminal laws of Nigeria.