Justice O. A. Okunuga of the Lagos State High Court sitting in Ikeja, on Thursday, December 11, 2025, convicted and sentenced one Kabiru Gbadegesin to one year imprisonment for N17.5m theft.
Gbadegesin was arraigned alongside his company, Prince K.B. International Limited, by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission, EFCC on a two-count charge bordering on conspiracy to steal and stealing to the tune of N17, 500,000.00.
The offence is contrary to Sections 409 and 285(9)(b) of the Criminal Law of Lagos State, 2011.
Count one reads: “Gbadegesin Kabiru Adetuni and Prince K.B. International Limited, between September 2021 and December 2021 in Lagos, within the jurisdiction of this Honourable Court, conspired to steal money, property of Alhaji Saheed Ishola.”
Count two reads: “Gbadegesin Kabiru Adetunji and Prince K.B. International Limited, between 20 September 2021 and 31 December 2021 in Lagos, within the jurisdiction of this Honourable Court, dishonestly converted to your own use the sum of ₦17,500,000, property of Alhaji Saheed Ishola.”
He pleaded “not guilty” to the charges when they were read to him, thereby leading to his full trial.
During the trial, the prosecution counsel, M. K. Bashir, called a witness and also tendered several documents, which were admitted in evidence by the court.
Delivering judgment, Justice Okunuga sentenced the defendant to six months’ imprisonment on count one and six months’ imprisonment on count two, each with an option of a ₦1,000,000 fine.
The sentences are to run concurrently. The Judge ordered the convict to be remanded in the Kirikiri Maximum Correctional Centre.
The convict bagged his imprisonment when he was prosecuted for stealing the sum of N17.5million. He was convicted and sentenced to one year’s imprisonment.
