Justice Mojisola Dada of the Lagos State Special Offences Court sitting in Ikeja, Lagos, on May 14, 2026, convicted and sentenced a businessman, Kingsley Obasi, to seven years imprisonment for a $247,390 fraud.
Obasi, alongside his company, Great King Parkson Industrial Company, was arraigned by the Economic and Financial Crimes Commission, EFCC, Lagos Zonal Directorate 1, on February 22, 2023, on a one-count charge bordering on stealing, contrary to Section 287(9)(b) of the Criminal Law of Lagos State, 2011.
The charge reads: “That you, Kingsley Obasi and Great King Parkson Industrial Company, sometime in 2021, at Lagos, within the jurisdiction of this Honourable Court, dishonestly converted to your own use the sum of $162,615 (One Hundred and Sixty-Two Thousand, Six Hundred and Fifteen United States Dollars), property of Vasworld Power Company Nigeria Limited, being the balance sum realised from the sale of car batteries supplied to you for sale and onward remittance to Vasworld Power Company Nigeria Limited.”
The defendant, who represented the company in court, pleaded “not guilty” to the charge, thereby leading to a full trial.
During the trial, the prosecution counsel, M. K. Bashir, called two witnesses and tendered several documents, which were admitted in evidence by the court.
The first defendant testified in his own defence. Delivering judgment, Justice Mojisola Dada held that the prosecution proved its case beyond a reasonable doubt and consequently found the defendants guilty.
The defence counsel, Suleiman Etuzogie, in his allocutus, urged the court to temper justice with mercy, stating that the convict had learned lessons about doing business in Nigeria.
Justice Dada subsequently sentenced Obasi to seven years’ imprisonment, with an option of a N5 million fine.
The court also directed the convict to restitute the outstanding sum of $247,390, being proceeds from the sale of batteries belonging to Vasworld Power Company Nigeria Limited, to the complainant through the Commission.
The court further ordered that Great King Parkson Industrial Company pay a N5 million fine and be wound up, with its assets forfeited to the Federal Government.
Obasi began her journey to the Correctional Centre when he was arrested based on claims of a petitioner, Vasworld Power Company Nigeria Limited, alleging that he obtained goods by false pretence and stealing.
The petitioner stated that Obasi frequently travelled to China and expressed interest in purchasing batteries from the company.
He reportedly requested custom-made batteries, which were shipped in the name of his company and received by him in Nigeria.
The petitioner further alleged that batteries worth N150 million were supplied to Obasi, who sold the products but failed to remit the proceeds to Vasworld Power Company Nigeria Limited. #Securitynewsalert.com
