2 hours ago
2
Justice O. M. Anyachebelu of the Anambra State High Court has convicted and sentenced Nnaemeka Nwawka, Managing Director of Orient Petroleum Resources Plc, alongside Jude Anniekwe Cyril and Sage Nebefeife Foundation, to 14 years’ imprisonment each for fraud involving about N25 billion.
The court found them guilty of stealing, conversion, and gratification after a lengthy trial that lasted a decade.
The defendants were convicted on a ten-count charge relating to financial crimes. Part of the charge stated: “that you, Nnaemeka Cyril, and the registered trustees of Sage Nebefeife Foundation, fraudulently converted to your personal use the aggregate sum of N29,620,733.”
Another count accused them of converting “the aggregate sum of N29,620,733” in similar transactions within Anambra State between 2012 and 2013.
They had pleaded not guilty when the charges were read, prompting the Economic and Financial Crimes Commission (EFCC), through its counsel, to proceed with full prosecution.
During the trial, the commission presented four witnesses and several documents, detailing how contracts were allegedly awarded to associates’ companies, with funds later traced to the foundation linked to Nwawka for personal use.
In his ruling, the judge held that the prosecution proved its case beyond reasonable doubt and ordered Nwawka and his foundation to refund N140.9 million to Orient Petroleum Resources Plc.
The court concluded that the evidence showed a pattern of diversion of company funds through questionable contract awards and financial transfers.
The case followed a petition by investor Cletus Ibeto, who alleged that he invested N25 billion in the company but suspected that large sums were diverted through “suspicious and bogus contracts” awarded to linked firms.
Court sentences Orient Petroleum MD, Nwawka, others to 14 years for N25 billion fraud
