Justice Olubunmi Abike-Fadipe of the Special Offences Court sitting in Ikeja, Lagos, has convicted and sentenced Henry Daniel to one year imprisonment for defrauding an investor of N37 million in a failed foreign exchange scheme.
Daniel was arraigned by the Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 1, Ikoyi, on a two-count charge bordering on obtaining money by false pretence and stealing.
According to the charge, the defendant, who traded under the name and style of Equigro Financial Services, fraudulently obtained N37,000,000 from Mr. Eze Onyekachukwu between January and October 2020. He allegedly misrepresented the funds as investment capital for a forex trading business.
The prosecution stated that the offence contravened Sections 1(3) and 8(a) of the Advance Fee Fraud and Other Fraud Related Offences Act No. 14 of 2006.
In the second count, Daniel was accused of fraudulently converting the N37 million to his personal use, an offence contrary to Sections 278(1)(a) and (b) and 285(1) of the Criminal Law of Lagos State, 2011.
The defendant pleaded not guilty, prompting a full trial. During proceedings, prosecution counsel Babatunde Sonoiki presented three witnesses and tendered documentary evidence, which the court admitted.
In her judgment delivered on Monday, February 16, the trial judge found Daniel guilty on the charges and sentenced him to one year imprisonment, with an option of a N2 million fine.
The court further ordered the convict to undertake 50 hours of community service and make restitution of N15.6 million to the petitioner.
Daniel’s conviction followed his arrest by EFCC operatives after investigations revealed that he neither invested the funds in forex trading as promised nor refunded the money to the victim.
