- Lagos Court Convicts Director, Company Over N822.4m Fraudulent Conversion
- Prosecution counsel M. K. Bashir, called four witnesses and tendered several documents in evidence, while the defence presented two witnesses
- The defendants pleaded guilty to the amended charge
A Lagos State Special Offences Court sitting in Ikeja has convicted and sentenced Minnis Uchenna Howard and his company, Howard Minnis Asset Management Limited, for the fraudulent conversion of N822,422,260 entrusted to them for the purchase of base oil.
Eko Hot Blog reports that the conviction followed the successful prosecution of the case by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) before Justice R. A. Oshodi.
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According to the EFCC, the defendants were initially arraigned on November 30, 2023, on a two-count charge bordering on obtaining by false pretence and stealing. They pleaded not guilty at the time.
During the trial, prosecution counsel, M. K. Bashir, called four witnesses and tendered several documents in evidence, while the defence presented two witnesses.
The anti-graft agency said the defendants were re-arraigned on July 3, 2026, on an amended one-count charge of fraudulent conversion.
The charge stated that the defendants dishonestly converted N822,422,260 belonging to Krystal Lubes Limited, which had been paid to them for the purchase of 900,000 litres of SN900 Base Oil and 500,000 litres of SN500 Base Oil, contrary to Section 285(1) of the Criminal Law of Lagos State, 2011.
The defendants pleaded guilty to the amended charge.
Following the guilty plea, the prosecution urged the court to convict them based on the evidence already presented during the trial.
In his judgment, Justice Oshodi convicted Minnis Uchenna Howard and sentenced him to two years and four months’ imprisonment.
The court also imposed a N10 million fine on Howard Minnis Asset Management Limited.
In addition, the judge ordered the defendants to refund the full sum of N822,422,260 to Krystal Lubes Limited within one year, in line with the nomination agreement executed by the defendants, their guarantor and the petitioner.
Justice Oshodi further directed that the N45 million recovered during the EFCC investigation be released to the petitioner within seven days.
The EFCC said the conviction stemmed from Howard’s dishonest conversion of funds entrusted to him for the purchase of large volumes of SN900 and SN500 base oil on behalf of Krystal Lubes Limited.
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