Man Bags 30 Years Imprisonment in Lagos for $62,500 and €36,020 Fraud

Justice Ismail Ijelu of the Lagos State High Court, Ikeja, has convicted and sentenced Lagos businessman Olumuyiwa Teniola Idowu and his company, Tennyvans Nigeria Limited, to a cumulative 30 years in prison.

The judgment, delivered on Monday, March 30, 2026, followed a six-count charge of stealing and failure to declare assets involving $62,500 and €36,020. NaijaChoice News reports that the offences, which date back to 2012 transactions, contravened Section 285 of the Criminal Law of Lagos State, 2011, and Section 27(3) of the Economic and Financial Crimes Commission Act, 2004.

One count alleged that Idowu and his company dishonestly converted $62,500, being payment for caterpillar parts belonging to Dutch businessman Rene Theodorous Johannes Brouwers of Brouwers USA Trucks and Parts.

Another count stated they converted €36,020 meant for the cost and shipping of a DAF truck, box trailer and two tippers, also property of the same complainant.

Idowu was first arraigned by the EFCC on November 27, 2024. He pleaded not guilty, leading to a full trial that lasted several months.

Prosecuting counsel E. S. Okongwu presented three witnesses and tendered 11 exhibits, all admitted by the court. Defence counsel Kehinde Olawumi called one witness.

In his ruling, Justice Ijelu held that the prosecution proved its case beyond reasonable doubt. He found the defendants guilty as charged on all six counts.

The court sentenced Idowu to five years imprisonment on counts one to four, to run concurrently. He received another five years on counts five and six, with an option of N1 million fine on each of those counts, payable within six months.

The judge also ordered full restitution of the $62,500 and €36,020 to the nominal complainant within six months. Failure to pay the fines or make restitution will mean serving the full custodial terms.

Idowu has since been remanded at the Ikoyi Correctional Centre.

The conviction highlights the EFCC’s ongoing crackdown on economic crimes involving foreign business partners operating in Nigeria. Such cases continue to send a strong message to individuals and companies tempted to divert funds entrusted to them in legitimate transactions.