Lagos State Special Offences Court, Ikeja has convicted and sentenced Kingsley Obasi, a businessman, to seven years imprisonment for a $247,390 fraud on Thursday.
The trial judge, Justice Mojisola Dada handed the convict the judgement after the court held that the prosecution proved its case beyond reasonable doubt and found the defendants guilty.
Obasi, alongside his company, Great King Parkson Industrial Company, was arraigned by the Economic and Financial Crimes Commission, EFCC, over a one-count charge bordering on stealing, contrary to Section 287(9)(b) of the Criminal Law of Lagos State, 2011.
The charge reads: “That you, Kingsley Obasi and Great King Parkson Industrial Company, sometime in 2021, at Lagos, within the jurisdiction of this Honourable Court, dishonestly converted to your own use the sum of $162,615 (One Hundred and Sixty-Two Thousand, Six Hundred and Fifteen United States Dollars), property of Vasworld Power Company Nigeria Limited, being the balance sum realised from the sale of car batteries supplied to you for sale and onward remittance to Vasworld Power Company Nigeria Limited.”
During arraignment, the defendant represented the company in court, and pleaded not guilty.
In the course of the trial, counsel to the prosecution, M. K. Bashir, called two witnesses and tendered several documents, which were admitted in evidence by the court.
The first defendant testified in his own defence.
Counsel to the defendant, Suleiman Etuzogie, while addressing the court on behalf of the defendant, sought that the court temper justice with mercy, stating that the convict had learned lessons about doing business in Nigeria.
The judge sentenced the convict to seven years’ imprisonment, with an option of a N5 million fine.
Justice Dada also directed the convict to restitute the outstanding sum of $247,390, being proceeds from the sale of batteries belonging to Vasworld Power Company Nigeria Limited, to the complainant through the Commission.
The court further ordered the defendant’company; Great King Parkson Industrial Company pay a N5 million fine and be wound up, with its assets forfeited to the Federal Government.
Trouble began for the defendants after the Commission received a petition from Vasworld Power Company Nigeria Limited alleging obtaining goods by false pretence and stealing against the defendants.
The petitioner stated that the defendant frequently travelled to China and expressed interest in purchasing batteries from the company.
He reportedly requested custom-made batteries, which were shipped in the name of his company and received by him in Nigeria.
The petitioner further alleged that batteries worth N150 million were supplied to Obasi, who sold the products but failed to remit the proceeds to Vasworld Power Company Nigeria Limited.
