For dishonestly converting investors’ funds meant for poultry farming, the duo of Obiesie Elyon Chukwugene and Afolabi Adebayo Olumuyiwa have been convicted and sentenced to one year imprisonment each over the N36.57 million in Lagos.
Justice Rahman Oshodi of the Special Offences Court in Ikeja jailed the two defendants after finding the them guilty.
The convicts were prosecuted by the Economic and Financial Crimes Commission, EFCC, alongside their firm, D Velvetbox Agro Farm Limited, on charges bordering on stealing, arising from the N36.57m theft perpetrated against a petitioner, Judith Okoli.
Charges and trial proceedings
Chukwugene and Olumuyiwa were initially arraigned on November 21, 2024, on a 15-count charge bordering on stealing in connection with the N36.57m theft.
Count one alleged that Chukwugene, as Managing Director of D Velvetbox Agro Farm Limited, dishonestly converted N5,000,000 belonging to the petitioner under the guise of poultry investment.
Count two stated that Olumuyiwa, trading as Triple J Farm, similarly converted another N5,000,000 from the same petitioner for purported poultry farming investments.
The defendants pleaded “not guilty,” prompting a full trial.
Prosecution Counsel to EFCC, Abubakar Dambuwa, called two witnesses and tendered several documents, all admitted as exhibits by the court to prove the allegation of N36.57m theft.
Guilty plea and judgement
“I find the defendants guilty on the amended information and I convict them accordingly. This is the judgment of the court,” the judge held.
Sentence, forfeiture, restitution
Consequently, the trial judge sentenced Chukwugene and Olumuyiwa to one year imprisonment each, without an option of fine, with effect from November 21, 2024, when they were remanded at the Correctional Centre.
The court also convicted D Velvetbox Agro Farm Limited, imposing a fine of N1,000,000 to be paid through its Managing Director, Chukwugene.
In addition, the court ordered a joint restitution of N5,000,000 by both convicts within five months.
A Toyota Camry recovered from the first convict was forfeited to the petitioner, Judith, and ordered to be released to her or her authorised representative.
The judge held that the convicts committed the N36.57m theft by collecting funds from the petitioner for poultry investments but diverting the money to settle debts owed to other investors, an offence that ultimately led to their conviction and imprisonment.
During proceedings, the defendants were re-arraigned on an amended two-count charge, to which they pleaded “guilty.”
In his judgement, Justice Oshodi held that the prosecution proved its case beyond reasonable doubt in respect of the case.
