A Lagos State High Court sitting in Ikeja has sentenced businessman Olumuyiwa Teniola Idowu to a total of 30 years in prison for fraud involving $62,500 and €36,020.
The conviction was announced by the Economic and Financial Crimes Commission in a statement shared on its official X account.
Idowu and his firm, Tennyvans Nigeria Limited, were found guilty by Justice Ismail Ijelu on a six-count charge bordering on stealing and failure to declare assets.
According to prosecutors, the defendant fraudulently diverted funds belonging to a foreign client, Rene Theodorous Johannes Brouwers of Brouwers USA Trucks and Parts, in transactions related to the purchase of industrial equipment and vehicles.
The court heard that in 2012, Idowu dishonestly converted $62,500 meant for caterpillar parts. In a separate transaction, he also diverted €36,020 intended for the purchase and shipment of a DAF truck, box trailer, and two tippers.
Idowu was first arraigned on November 27, 2024, where he pleaded not guilty, prompting a full trial. During proceedings, prosecution counsel E. S. Okongwu presented three witnesses and eleven exhibits, all admitted by the court. Defence counsel Kehinde Olawumi called one witness.
In his judgment, Justice Ijelu ruled that the prosecution had proven its case beyond reasonable doubt and convicted Idowu on all counts.
The court sentenced him to five years imprisonment on counts one to four, to run concurrently. He also received five-year sentences on counts five and six, with an option of a N1 million fine on each count.
Additionally, the court ordered Idowu to repay the stolen $62,500 and €36,020 within six months. He was subsequently remanded at the Ikoyi Correctional Centre.
The EFCC noted that the case is part of its broader crackdown on financial crimes, including efforts to recover stolen funds for victims.
Recently, the commission reported returning $225,895 and N62.79 million to foreign fraud victims. On March 19, it also handed over N3.9 billion in recovered proceeds to the Nigerian National Petroleum Company Limited.
In a separate development, the EFCC arraigned Osabohein Ologbose and Hope Onome Oghelemu over an alleged N740 million investment fraud case.
