EFCC Locks Up Man And Company For 30 Years Over $62,500 & €36,020 Fraud

According to legal sources, Justice Ismail Ijelu of the Lagos State High Court in Ikeja on Monday convicted Olumuyiwa Teniola Idowu and his company, Tennyvans Nigeria Limited, and sentenced them to a total of 30 years in prison for offences involving theft and failure to declare assets.

The offences concerned $62,500 and €36,020, which the court determined were dishonestly converted for personal gain. The charges were brought under Section 285 of the Criminal Law of Lagos State, 2011, and Section 27(3) of the Economic and Financial Crimes Commission (EFCC) Act, 2004, relating to non-disclosure of assets and refusal to declare properties.

One of the counts stated that Idowu and his company, in 2012 at Lagos, dishonestly converted $62,500, the cost of caterpillar parts belonging to Rene Theodorous Johannes Brouwers of Brouwers USA Trucks and Parts. Another charge involved the conversion of €36,020, meant for the cost and shipping of a DAF truck, box trailer, and two tippers owned by the same complainant.

Idowu, who pleaded not guilty when first arraigned on November 27, 2024, faced a full trial during which the prosecution called three witnesses and presented 11 exhibits, all admitted by the court. The defence called a single witness.

Justice Ijelu ruled that the prosecution had proven the case beyond reasonable doubt, leading to Idowu’s conviction. The court sentenced him to five years imprisonment on counts one to four, to run concurrently, and another five years on counts five and six, with an option of a ₦1 million fine per count, payable within six months. The court also ordered the return of $62,500 and €36,020 to the complainant within six months.

Idowu has since been remanded at the Ikoyi Correctional Centre following the judgment.