A Lagos State High Court sitting in Ikeja has convicted and sentenced a businessman, Olumuyiwa Teniola Idowu, and his company, Tennyvans Nigeria Limited, to 30 years imprisonment over fraud involving $62,500 and €36,020.
Trial judge, Justice Ismail Ijelu, delivered the judgment on Monday, March 30, 2026, after finding the defendants guilty on a six-count charge bordering on stealing and failure to declare assets.
The offences contravened Section 285 of the Criminal Law of Lagos State, 2011, as well as Section 27(3) of the Economic and Financial Crimes Commission (EFCC) Act, 2004, which deal with non-disclosure of assets and refusal to declare properties.
One of the charges stated that Idowu and his company, in 2012, dishonestly converted $62,500 meant for the purchase of caterpillar parts belonging to a foreign businessman, Rene Theodorous Johannes Brouwers, owner of Brouwers USA Trucks and Parts.
Another count accused the defendants of converting €36,020, being payment for the purchase and shipment of a DAF truck, a box trailer and two tippers, also belonging to the same complainant.
Idowu was first arraigned on November 27, 2024, where he pleaded not guilty, leading to a full trial.
During the proceedings, prosecution counsel, E. S. Okongwu, called three witnesses and tendered 11 exhibits, all of which were admitted by the court, while the defence counsel, Kehinde Olawumi, presented one witness.
In his ruling, Justice Ijelu held that the prosecution successfully proved its case beyond reasonable doubt and accordingly convicted the defendant on all counts.
The court sentenced Idowu to five years imprisonment on counts one to four, to run concurrently. He was also handed five years imprisonment on counts five and six, with an option of a fine of N1 million on each count, payable within six months or serve the custodial sentences.
In addition, the court ordered the convict to make restitution of $62,500 and €36,020 to the complainant within six months.
