A Lagos State High Court has sentenced five suspects to a combined 35 years’ imprisonment over a N117.7 million fraud scheme involving Chi Limited following a successful prosecution by the Economic and Financial Crime Commission (EFCC).

The convicts were identified as Yinka Salawu, Joshua Oluremi Daramola, Raji Ahmed, Afolabi Israel Olusegun, and Muraina Olanrewaju Abdullahi, while three other individuals were acquitted by the court. 

The EFCC accused them of committing the offence in 2009 after allegedly obtaining more than N81 million from Chi Limited under the false pretence that the money was payment for goods and services they were contracted to supply and render. 

However, they allegedly failed to deliver the goods and services or refund the money.

During the trial, the anti-graft prosecution called 17 witnesses, including officers from the EFCC, the Nigeria Police Force as well as banks and Chi Limited, while also presenting several evidence to establish a strong ase against the defendants. 

Delivering judgement in the case on Thursday, Justice K.A. Jose convicted Messrs Salawu, Daramola, Ahmed, Olusegun and Abdullahi of the charges levelled against them and sentenced them to seven years prison terms each with the option of a fine. 

Ms Jose, however, ruled that the convicts should be credited for time served in prison while awaiting the conclusion of their trial. 

“The convicts will be given credit for the periods they have already spent in custody. All periods spent in prison shall be deducted from the seven-year terms imposed by the court,” she said. 

The judge also ordered that the convicts must restitute the total amount contained in the charges against them to Chi Limited, stating “All monies already paid shall be deducted from the amounts to be restituted.”