Court Jails businessman 18 Months for N2.9bn Fraud

A Federal High Court sitting in Lagos on Monday sentenced a businessman, Kenneth Amadi, the Chief Executive Officer of IDID Nigeria Limited, to 18 months imprisonment over N2.9bn fraud.

Justice Ambrose Lewis-Allagoa handed down the sentence after finding him guilty of counts four and five of the criminal charges made against him by the Federal Government of Nigeria, through the Office of the Attorney General of the Federation.

The judge held that the sentence was without an option of a fine and equally ordered that IDID Nigeria Limited be liquidated with immediate effect.

Amadi and his company, IDID Nigeria Limited, were arraigned before the court by the government after he defrauded Eunisell of the said sum while he was the Chief Operating Officer of the company.

One of the charges against the defendants include receiving and obtaining by false pretence, with intent to defraud, the sum of N2, 900,000,000 belonging to Eunisell Limited from A-Z Petroleum Ltd and Ammasco International Ltd; omitting and making full and true entry thereof in the books and accounts; suppression of data in respect of the financial transfer to Eunisell Limited; and converting the same amount without authority to create sufficient deposits to promote the credibility of his own company (IDID Nigeria Limited).