A Lagos State High Court, Ikeja Division, on Friday sentenced a businessman, Uchenna Howard, to two years and four months imprisonment after he pleaded guilty under a plea bargain to stealing N822.4 million.

Justice Rahman Oshodi also ordered Mr Howard and his company, Howard Minnis Asset Management Limited, to refund the N822.4 million to Krystal Lubes Limited in three instalments.

The Economic and Financial Crimes Commission (EFCC) amended the charge against Mr Howard and his company after he opted for a plea bargain midway through the trial.

The amended one-count charge alleged that the convicts dishonestly converted N822.4 million paid by Krystal Lubes Limited for the purchase of base oil products, contrary to Section 285(1) of the Criminal Law of Lagos State, 2011.

Mr Howard pleaded guilty to the charge.

In his judgement, Mr Oshodi held that the complainant’s funds were received and dissipated by the convicts, adding that the offence undermined the trust and confidence on which legitimate commercial transactions depend.

However, the judge considered Mr Howard’s status as a first-time offender, his voluntary guilty plea and his commitment to restitution.

He said the restitution undertaking formed part of a negotiated agreement executed on April 10, under which Mr Howard admitted liability for the N822.4 million and agreed to repay the money in three instalments, secured by a landed property and a personal guarantee.

Mr Oshodi held that the guilty plea and restitution agreement justified a 20 per cent reduction of the statutory three-year prison sentence.

He consequently sentenced Mr Howard to two years and four months imprisonment, representing 80 per cent of the prescribed sentence.

The court also fined Howard Minnis Asset Management Limited N10 million, noting that the company received and dissipated the stolen funds but could not be sentenced to imprisonment.

It further ordered Mr Howard and the company to refund the N822.4 million to Krystal Lubes Limited in three instalments of N274,140,753.33 each on November 10, 2026, March 10, 2027, and July 10, 2027.

The judge said the restitution arrangement would be secured with a pledged property in the Lekki Peninsula Residential Scheme, Lagos, and backed by Mr Howard’s personal guarantee.

He also ordered the EFCC to release N45 million recovered during the investigation to the victim within seven days.

Mr Oshodi directed the anti-graft agency to monitor compliance with the restitution order and ensure adherence to the agreed security arrangements.

The prosecution team comprised M.K. Bashir, Ebuka Okongwu and B. Misah. 

(NAN)