After a decade-long trial, the gavel has finally fallen.
Justice O.M. Anyachebelu of the Anambra State High Court, Awka, has convicted and sentenced Mr. Nnaemeka Nwawka, Managing Director of Orient Petroleum Resources Plc, and the Registered Trustees of Sage Nebefeife Foundation to 14 years imprisonment each over fraud linked to N25 billion investments.
The conviction followed a 10-count charge bordering on stealing, fraudulent conversion and gratification. The court held that between April and December 2012, the defendants diverted N82.8 million from Vhelbherg International Limited into the foundation’s account. Between January and May 2013, another N29.6 million was similarly transferred and allegedly converted for personal use.
The prosecution, led by the Economic and Financial Crimes Commission (EFCC), called four witnesses and tendered multiple exhibits during the 10-year trial. Evidence showed that contracts were allegedly awarded to companies linked to associates of the MD, with funds routed back through the foundation.
Justice Anyachebelu ruled that the prosecution proved its case beyond reasonable doubt, sentenced the convicts to 14 years each, and ordered them to refund N140.9 million to Orient Petroleum Resources Plc.
The case stemmed from a petition by investor Chief Cletus Ibeto, who alleged that his N25 billion investment was siphoned through questionable contract awards.
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