Lagos Court Jails Businessman 30 Years Over $62,500 and €36,020 Scam

A Lagos State High Court in Ikeja has sentenced Olumuyiwa Teniola Idowu and his company, Tennyvans Nigeria Limited, to 30 years in prison for fraud involving $62,500 and €36,020.

The judgment was delivered on Monday, March 30, 2026, by Justice Ismail Ijelu, who found the defendants guilty on a six-count charge bordering on stealing and failure to declare assets, according to a statement by the Economic and Financial Crimes Commission (EFCC).

The charges were filed under Section 27(3) of the EFCC Act, 2004 and Section 285 of the Criminal Law of Lagos State, 2011, which address non-disclosure of assets and related financial crimes.

According to the EFCC, the convict fraudulently converted $62,500 meant for the purchase of caterpillar parts belonging to Rene Theodorous Johannes Brouwers of Brouwers USA Trucks and Parts.

In a separate count, Idowu was also found guilty of converting €36,020, which was intended for the purchase and shipment of a DAF truck, a box trailer, and two tippers, also belonging to the same victim.

The defendant had pleaded not guilty during his arraignment on November 27, 2024, leading to a full trial.

During proceedings, the prosecution, led by E. S. Okongwu, presented three witnesses and tendered eleven exhibits, all of which were admitted by the court. The defense, represented by Kehinde Olawumi, called one witness.

Delivering judgment, Justice Ijelu held that the prosecution proved its case beyond reasonable doubt and found the defendant guilty as charged.

The court sentenced Idowu to five years imprisonment on counts one to four, to run concurrently. He was also handed five years each on counts five and six, with an option of a N1 million fine per count to be paid within six months or serve the prison terms.

In addition, the court ordered the restitution of €36,020 and $62,500 to the complainant within six months.

Following the judgment, the convict was remanded at the Ikoyi Correctional Centre.