Chief Executive Jailed for Defrauding Investors of N2b

Justice Rosemary Dugbo Oghoghorie of the Federal High Court sitting in Calabar has convicted and sentenced the Chief Executive Officer of Micheno Multi-purpose Cooperative Society, Uno Michael Eke, to one year imprisonment for conspiracy, obtaining property by false pretence, and money laundering involving N2 billion.

Eke was sentenced after pleading guilty to four amended charges brought against him by the Uyo Zonal Directorate of the Economic and Financial Crimes Commission (EFCC). He admitted guilt when the charges were read to him.

Following his plea, the prosecuting counsel, Joshua Abolarin, urged the court to convict him. In response, the defence counsel, Ime Umanah, informed the court of a plea bargain agreement and requested a lighter sentence for his client.

After considering the plea and evidence presented, Justice Oghoghorie sentenced Eke to one year imprisonment with an option of a N2 million fine. The court further ordered the forfeiture of 12 two-bedroom flats located near the Goodluck Jonathan Bypass in Calabar, Cross River State, as well as two plots of land measuring 4,162 hectares and 3.391 hectares respectively in Adiabo Ikot Mboout Community, Odukpani Local Council, Cross River State.

Also, two plots of land at Akai Effa in Calabar Municipality, Cross River State, and 18 self-contained flats in a storey building beside the University of Calabar, Ita-Agbor, Calabar, were also forfeited. The sum of N10 million recovered during the investigation was included among the forfeited assets.

The court ordered that all recovered funds be restituted to the victims listed in the charges. Eke’s legal troubles began when he was arrested for defrauding unsuspecting victims by collecting large sums of money with a false promise of an 80 per cent return on investment within 40 days.

Investigations revealed that he opened multiple bank accounts in his name and that of his company, where he accumulated N2 billion from his victims. The funds were used to acquire landed properties and buildings in Calabar, Cross River State.