Five jailed seven years over N117.7m Chi Limited fraud

Etim Ekpimah

Five persons have been sentenced to seven years’ imprisonment each for their involvement in a N117.7 million fraud involving Chi Limited.

Justice K.A. Jose of the Lagos State High Court sitting in Tapa, Lagos, convicted and sentenced the five men on Thursday, September 3, 2026, following their prosecution by the Economic and Financial Crimes Commission (EFCC).

The convicts are Yinka Salawu, Joshua Oluremi Daramola, Raji Ahmed, Afolabi Israel Olusegun and Muraina Olanrewaju Abdullahi.

According to Dele Oyewale, EFCC Head of Media and Publicity, the men were prosecuted by the commission’s Lagos Zonal Directorate 1 on a six-count charge bordering on conspiracy to obtain money by false pretence, obtaining money by false pretence and forgery.

The prosecution alleged that the defendants obtained N81,359,922 from Chi Limited in 2009 under the false pretence that the money represented payment for goods and services they had supplied to the company.

The EFCC told the court that the defendants neither supplied the goods and services nor refunded the money to Chi Limited.

During the trial, the prosecution called 17 witnesses from the EFCC, Nigeria Police Force, banks and Chi Limited. It also tendered documentary evidence in support of its case.

At the end of the proceedings, Justice Jose found the first, fourth, fifth, sixth and seventh defendants guilty on Counts One, Two and Three and convicted them accordingly. The second, third and eighth defendants were, however, discharged and acquitted.

Following the convictions, prosecution counsel, M.S. Owede, urged the court to order the convicts to restitute Chi Limited with N117,755,061, being the total amount stated in Counts Two and Three.

Owede also asked the court to order the sale of properties belonging to the first convict and remit the proceeds to Chi Limited or, alternatively, forfeit the properties outrightly to the company.

Justice Jose sentenced each of the five convicts to seven years in prison without an option of a fine.

The judge said the convicts would receive credit for time already spent in custody, which would be deducted from their seven-year sentences.

On restitution, Justice Jose, relying on Section 297 of the Administration of Criminal Justice Law, ordered the convicts to repay Chi Limited the sums established by the charge.

The judge further directed that any money already paid towards the restitution be deducted from the outstanding amount.

The case began with the arrest of the convicts after they were accused of obtaining N81.36 million from Chi Limited on the false claim that the money was payment for goods and services.

The prosecution established that the goods and services were not delivered and the money was not refunded.