Justice Rahman Oshodi of the Special Offences Court sitting in Ikeja, Lagos, has convicted and sentenced a businessman, Chukwuemeka Udezuka, to 12 years imprisonment for stealing a total sum of N64.06 million from unsuspecting victims under the guise of facilitating foreign exchange transactions.
The conviction, delivered on Friday, followed the court’s finding that Udezuka was guilty of a four-count charge of stealing brought against him by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC).
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According to the anti-graft agency, the defendant, alongside his company, Mezu Connection Investment Limited, collected funds from four individuals after promising to convert their naira holdings into United States dollars at the official Central Bank of Nigeria (CBN) exchange rate.
The EFCC told the court that after receiving the money, Udezuka allegedly disappeared and became unreachable, leaving the victims unable to recover their funds. Investigations subsequently led to his arrest and prosecution.
Udezuka was arraigned on January 31, 2024, on charges bordering on stealing, contrary to Sections 278 and 285(1) of the Criminal Law of Lagos State, 2011. The charges detailed how he allegedly converted millions of naira belonging to different victims to his personal use.
One of the counts accused the defendant of dishonestly converting N28 million belonging to Chizoba Benson Chiegwu, while another alleged the theft of N17.36 million belonging to Hojoli Augustine Okechukwu. The remaining counts involved funds obtained from other victims through the same scheme.
During the trial, prosecuting counsel, I.O. Daramola, presented seven witnesses and tendered several documentary exhibits, including the defendant’s extra-judicial statements, bank records, account statements and correspondence, all of which were admitted by the court as evidence.
In his judgment, Justice Oshodi held that the prosecution had successfully proved its case beyond reasonable doubt. The judge described the defendant’s conduct as premeditated and noted that the evidence established a clear pattern of fraudulent conversion of the victims’ funds.
The court consequently sentenced Udezuka to three years imprisonment on each of the four counts. The sentences are to run consecutively, bringing the total jail term to 12 years. During allocutus, the convict pleaded for mercy and sought a second chance, while his counsel, Emeka Ezeobi, urged the court to temper justice with compassion.
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Despite the plea, Justice Oshodi ruled that the gravity of the offence warranted a custodial sentence. The court further ordered the convict to make full restitution to all four victims and file an affidavit of compliance within 90 days. In addition, Mezu Connection Investment Limited was fined N500,000 on each of the four counts, amounting to N2 million in total penalties.