Five persons have been sentenced to seven years’ imprisonment each for their involvement in a N117.7 million fraud case involving Chi Limited.
Justice K.A. Jose of the Lagos State High Court sitting in Tapa, Lagos, convicted and sentenced the five defendants on Thursday, September 3, 2026, following their prosecution by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC).
The convicts are Yinka Salawu, Joshua Oluremi Daramola, Raji Ahmed, Afolabi Israel Olusegun and Muraina Olanrewaju Abdullahi.
They were prosecuted on a six-count charge bordering on conspiracy to obtain money by false pretence, obtaining money by false pretence and forgery.
According to the EFCC, the case centred on allegations that the defendants obtained money from Chi Limited under the false pretence that the funds were payment for goods and services supplied to the company.
One of the counts alleged that Salawu and other defendants, including some persons who were later acquitted or remained at large, obtained N81,359,922 from Chi Limited in 2009.
The EFCC said the defendants represented that the money was payment for goods and services supplied to Chi Limited, despite knowing that the representation was false.
The alleged offence was said to be contrary to Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.
During the trial, the prosecution called 17 witnesses from the EFCC, the Nigeria Police Force, banks and Chi Limited. It also tendered documentary exhibits in support of its case.
At the conclusion of the trial, Justice Jose found the first, fourth, fifth, sixth and seventh defendants guilty on Counts One, Two and Three.
The second, third and eighth defendants were, however, discharged and acquitted.
Following the convictions, EFCC counsel, M.S. Owede, urged the court to invoke Section 11 of the Advance Fee Fraud and Other Fraud Related Offences Act and order the convicts to restitute Chi Limited, the petitioner, the sums contained in Counts Two and Three.
The total amount sought for restitution was N117,755,061.
The prosecution also asked the court to order the sale of properties belonging to the first convict, with the proceeds paid to Chi Limited.
Alternatively, it urged the court to order the outright forfeiture of the properties to the company.
In her ruling, Justice Jose sentenced each of the five convicts to seven years in prison without an option of a fine.
The judge said the convicts would receive credit for time already spent in custody, with all periods spent in prison deducted from their seven-year terms.
On restitution, Justice Jose, relying on Section 297 of the Administration of Criminal Justice Law, ordered the convicts to restitute Chi Limited with the sums contained in the charge.
The judge added that any money already paid would be deducted from the amounts to be restituted.
The EFCC said the case originated from the alleged failure of the defendants to deliver the goods and services for which the N81,359,922 was obtained from Chi Limited, or return the money to the company.
The statement was signed by Dele Oyewale, Head of Media and Publicity, EFCC, on Friday, September 4, 2026.
