Justice Ismail Ijelu of the Lagos State High Court sentenced Olumuyiwa Teniola Idowu and his company, Tennyvans Nigeria Limited, to a total of 30 years imprisonment on Monday.
The sentencing follows a conviction on a six-count charge involving the theft of foreign currency and the failure to declare assets.
The court found Idowu guilty of dishonestly converting funds intended for industrial machinery. Specifically, the convict misappropriated $62,500 USD intended for the purchase of Caterpillar parts and €36,020 EUR meant for the cost and shipping of a DAF truck, a box trailer, and two tippers.
The victim, Rene Theodorous Johannes Brouwers of Brouwers USA Trucks and Parts, never received the equipment or the funds back. Beyond the theft, Idowu was also convicted for violating the Economic and Financial Crimes Commission (EFCC) Act by refusing to disclose his assets and properties during the investigation.
Justice Ijelu ruled that the prosecution, led by E. S. Okongwu, proved the case beyond a reasonable doubt after presenting three witnesses and 11 exhibits. Despite the defence calling its own witness, the court found the evidence of “dishonest conversion” overwhelming.
For the first four counts, the court sentenced Idowu to five years’ imprisonment to run concurrently. For counts five and six, he received an additional five years each. However, the court provided an option of a N1 million fine for each of the final two counts, provided the payments are made within six months.
Furthermore, the judge ordered a full restitution of the $62,500 and €36,020 to the complainant within the same six-month window.
“The prosecution has successfully established the ingredients of the offences charged,” Justice Ijelu noted during the judgment.
The legal battle began on November 27, 2024, when Idowu first pleaded “not guilty,” prompting a full trial. The crimes themselves trace back to transactions made in 2012 within the jurisdiction of the Lagos court.
Following the Monday ruling, the convict was remanded at the Ikoyi Correctional Centre to begin his term. #Securitynewsalert.com
