Justice Mojisola Dada of the Lagos State Special Offences Court in Ikeja has convicted and sentenced businessman Kingsley Obasi to seven years imprisonment for fraud involving $247,390.
Obasi and his company, Great King Parkson Industrial Company, were prosecuted by the Economic and Financial Crimes Commission (EFCC) on a one-count charge bordering on stealing.
The EFCC accused the convict of dishonestly converting funds realised from the sale of car batteries supplied by Vasworld Power Company Nigeria Limited for onward remittance.
Obasi had pleaded not guilty to the charge when he was arraigned on February 22, 2023, leading to a full trial during which the prosecution presented witnesses and documentary evidence before the court.
Delivering judgment on May 14, 2026, Justice Dada held that the prosecution proved its case beyond reasonable doubt and consequently found the defendants guilty.
The court sentenced Obasi to seven years imprisonment with an option of a N5 million fine.
Justice Dada also ordered the convict to restitute the outstanding sum of $247,390 to the complainant through the EFCC.
In addition, the court directed Great King Parkson Industrial Company to pay a N5 million fine and ordered that the company be wound up, with its assets forfeited to the Federal Government.
The EFCC said investigations began after a petition by Vasworld Power Company Nigeria Limited alleging that Obasi obtained goods under false pretences and failed to remit proceeds from the sale of batteries supplied to him.
