The Lagos State High Court sitting in Tapa, Lagos, has sentenced five persons to seven years in prison each for their involvement in a ₦117.7 million fraud against Chi Limited.
Justice K.A. Jose handed down the sentences on Thursday, September 3, 2026, following their prosecution by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC).
The convicts are Yinka Salawu, Joshua Oluremi Daramola, Raji Ahmed, Afolabi Israel Olusegun and Muraina Olanrewaju Abdullahi.
They were prosecuted on a six-count charge bordering on conspiracy to obtain money by false pretence, obtaining money by false pretence and forgery.
The prosecution alleged that the defendants, alongside others who are either at large or were not convicted, obtained ₦81,359,922 from Chi Limited in 2009 under the false pretence that the money was payment for goods and services they had supplied to the company.
According to the EFCC, the goods and services were neither delivered nor was the money refunded to Chi Limited.
During the trial, the prosecution called 17 witnesses from the EFCC, Nigeria Police Force, banks and Chi Limited. Several documentary exhibits were also tendered before the court to establish the case against the defendants.
At the conclusion of the trial, Justice Jose found the 1st, 4th, 5th, 6th and 7th defendants guilty on Counts One, Two and Three and convicted them accordingly.
However, the 2nd, 3rd and 8th defendants were discharged and acquitted.
Following the convictions, prosecution counsel, M.S. Owede, urged the court to invoke Section 11 of the Advance Fee Fraud and Other Fraud Related Offences Act and order the convicts to restitute Chi Limited the sums contained in Counts Two and Three, totalling ₦117,755,061.
Owede also asked the court to order the sale of properties belonging to the first convict, with the proceeds paid to Chi Limited, or alternatively, have the properties forfeited to the company.
In her ruling, Justice Jose sentenced each of the five convicts to seven years’ imprisonment without an option of a fine.
The judge, however, ordered that the convicts be given credit for the period already spent in custody, which would be deducted from their seven-year terms.
On restitution, Justice Jose, relying on Section 297 of the Administration of Criminal Justice Law, ordered the convicts to repay Chi Limited the sums contained in the charge.
The judge added that all monies already paid by the convicts would be deducted from the amounts to be restituted.
The case dates back to their arrest over the alleged ₦81.36 million fraud, which the EFCC said involved obtaining money from Chi Limited under false pretences for goods and services that were never supplied.