Justice O.M. Anyachebelu of the Anambra State High Court, Awka, has convicted and sentenced the Managing Director of Orient Petroleum Resources Plc, Mr Nnaemeka Nwawka and the Registered Trustees of Sage Nebefeife Foundation to 14 years imprisonment each for fraud involving N25 billion.
The defendants were convicted on a 10-count charge bordering on stealing, fraudulent conversion and gratification.
The court held that between April and December 2012, the convicts fraudulently converted N82.8 million transferred from Vhelbherg International Limited’s account with Standard Chartered Bank into the account of Sage Nebefeife Foundation domiciled in First Bank.
In another count, the court found that between January and May 2013, they converted an additional N29.6 million transferred from the same company’s account into the foundation’s account for personal use.
The defendants had pleaded not guilty to the charges, prompting the Economic and Financial Crimes Commission (EFCC), through its counsel, Mr Victor Ukagwu, to proceed to full trial.
The trial, which lasted 10 years, saw the EFCC call four witnesses and tender several documentary exhibits marked P1 to P24.
Evidence before the court showed that Nwawka facilitated the award of contracts from Orient Petroleum Resources Plc to companies linked to his associates.
The prosecution established that funds paid for the contracts were later channelled back to him through his foundation and subsequently withdrawn for personal use.
Counsel to the first and third defendants, Mr U.N. Udechukwu (SAN), and counsel to the second defendant, Mr E.S.C. Obiora (SAN), presented their clients’ defences, explaining the processes through which the contracts were executed.
However, Justice Anyachebelu held that the prosecution proved its case beyond reasonable doubt and convicted Nwawka and the foundation accordingly.
The court sentenced them to 14 years imprisonment each and ordered them to refund N140.9 million to Orient Petroleum Resources Plc.
The conviction followed a petition to the EFCC by an investor, Chief Cletus Ibeto, who alleged that he invested N25 billion in Orient Petroleum Resources Plc.
He further alleged that the funds were siphoned through suspicious contract awards to companies linked to the managing director and routed back through the foundation.
