Justice Rahman Oshodi of the Special Offences Court sitting in Lagos, convicted and sentenced the duo of Obiesie Elyon Chukwugene and Afolabi Adebayo Olumuyiwa to one year imprisonment each for N36,570,000.00 theft.
They were initially arraigned alongside a firm, D Velvetbox Agro Farm Limited, by the Economic and Financial Crimes Commission, EFCC, Lagos Zonal Directorate 2, on November 21, 2024, on a 15-count charge bordering on stealing.
According to a statement by the EFCC on Wednesday night, the suspects were convicted on Tuesday, January 27, 2026.
The count charge read, “Obiesie Elyon Chukwugene, being the Managing Director of D Velvetbox Agro Farm Limited, a registered company incorporated in Nigeria, on or about 27th May, 2023 in Lagos, within the jurisdiction of this Honourable Court, dishonestly converted to your own use the aggregate sum of N5,000,000.00 ( Five Million Naira only) belonging to Judith Okoli by dishonestly representing to her that the money was for investments into poultry farming, whereas you used the money and settled debts to other investors.”
The defendants had pleaded not guilty to all the counts, prompting the prosecution to open the trial.
During the trial, prosecution counsel, A. M. Dambuwa, called two witnesses and tendered several documents, which were admitted as exhibits by the court.
However, during the proceedings, the defendants were re-arraigned on an amended two-count charge, to which they pleaded guilty.
Delivering judgment on Wednesday, Justice Oshodi held that the prosecution proved its case beyond a reasonable doubt and found the defendants guilty as charged.
“I find the defendants guilty on the amended information and I convict them accordingly. This is the judgment of the court,” the judge held.
The court, consequently, sentenced the first and second defendants, Chukwugene and Olumuyiwa, to one year imprisonment each, without an option of fine, with effect from November 21, 2024, when they were remanded at the Correctional Centre.
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The judge also convicted the company, D Velvetbox Agro Farm Limited, with an option of fine in the sum of N 1,000,000, which shall be paid through the first convict, Chukwugene, who is the Managing Director.
The court ordered a joint payment of restitution in the sum of N5,000,000 by both the first and second convicts within five months.
The court also ordered that the Toyota Camry recovered from the first convict be forfeited to the petitioner, Judith Okoli, and further directed that the vehicle be released to her or any person authorised by her in that regard.
The convicts bagged their imprisonment when they dishonestly collected the sum of N36, 570, 000 from Judith Okoli by representing to her that the money was for investments into poultry farming, whereas they used the money to settle debts they owed other investors.