Home West African News Nigeria News N30m Fraud: Court Sentence Segun Oyekanmi To Five Years Imprisonment

N30m Fraud: Court Sentence Segun Oyekanmi To Five Years Imprisonment

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Segun Oyekanmi, Managing Director, Loben Investment Co-operative Multi-purpose Society Limited

Justice J.E. Oyefeso of the Lagos State High Court sitting in Ikeja, Lagos has convicted and sentenced a businessman, Segun Oyekanmi, Managing Director, Loben Investment Co-operative Multi-purpose Society Limited, to five years imprisonment for N30million fraud.

The convict alongside his company and  one Ade Bosede ( still at large) had been arraigned on October 26, 2016 on a three-count charge bordering on stealing, conspiracy to steal and issuance of dishonoured cheques to the tune of N30 million.

The convict had collected the sum of N30m (Thirty Million Naira) from one Olufunke Dada, with an assurance that he wanted to give it to some traders as soft loans with interest.

Subsequently, the accused, who was said to have converted the money to his personal use, issued a cheque to Dada when she asked for repayment.

However, the cheque was dishonoured upon presentation at the bank.

One of the counts reads: ” That you, Segun Oyekanmi, Loben Investment Co-operative Multi-purpose Society Limited and Ade Bosede ( still at large) sometime between the month of May, 2011 and 1st August ,2011, within the jurisdiction of this Honorable Court, with intent to defraud ,conspired to steal money, property of  Olufunke Gbolahun Dada and thereby committed an offense punishable under Section 390(9) of the Criminal Code, Cap C17, Vol. 2, Laws of Lagos State of Nigeria 2003.”

The accused, however, pleaded not guilty to the charges when they were read to him, thereby setting the stage for his trial.

In the course of the trial, the prosecution counsel, Ola Sesan, called four witnesses and tendered evidence against the accused.

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Delivering his judgment on Thursday, July 20 Justice Oyefeso ordered the convict to pay the sum of N30m in restitution to Dada and sentenced him to three years imprisonment each on counts of stealing and conspiracy to steal. The sentences are to run concurrently.

The convict was also sentenced to two years imprisonment on the count of issuance of dishonoured cheque.

The sentence is  to run separately.

The company was ordered to wind up and pay the sum of N500,000 fine.


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