Man Gets 74 Years Sentence in EFCC N360 Million Fraud Case, Ordered To Restitute Victim

• The EFCC has secured justice in a fraud case, proving that there are consequences to financial crimes in Nigeria
• A court sitting in Lagos has pronounced judgment and heavy sentences after convicting a young man of fraud
• The judge, however, issued another order to the convict on the matter, putting it as a condition to consider fines in any of the sentences

Legit.ng journalist Ruth Okwumbu-Imafidon has over a decade of experience in business reporting across digital and mainstream media.

Lagos, Nigeria. The Lagos State High Court sitting in Ajah, Lagos, has sentenced one Chukwudi Okonkwo Goodness to 74 years imprisonment.

Justice Josephine Oyefeso, who sat over the case on Tuesday, June 10, 2025, convicted Chukwudi Okonkwo for stealing and issuing dud cheques.

The Economic and Financial Crimes Commission (EFCC) shared updates on the case and final judgment on its official Facebook handle.

Details of the EFCC Fraud case

The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) arraigned Okonkwo on June 6, 2016, in a N360 million fraud case.

The 33-count charges bordered on stealing and issuing dud cheques between the months of June and July 2015 in Ikeja, Lagos.

The charge read in part:

“That you, Chukwudi Okonkwo Goodness, sometime between the months of June and July, 2015 at Ikeja, within the jurisdiction of the Honorable Court, fraudulently converted and stole the sum of N360,000,000.00 (Three Hundred and Sixty Million Naira), property of one Henry Nnadike and committed an offence of stealing by conversion contrary to Sections 278 and 285 of the Criminal Law of Lagos State, 2011.”

Okonkwo pleaded ‘not guilty’ to the 33-count charges, but over the course of the trial, EFCC counsel, T.J. Banjo, presented several pieces of evidence and drew on the testimony of four witnesses to prove the case.

Man sentenced to 74 years imprisonment

The court found Chukwudi Okonkwo Goodness guilty on 32 of the 33 counts, and sentenced him to a total of 74 years' imprisonment.

He received a seven-year sentence on count 1 for stealing. The court also sentenced him to another seven-year sentence on count 33 without the option of a fine.

He also received two years' imprisonment without option of fine on each of counts 3 to 32 for issuing dud cheques.

This totals 74 years' imprisonment, and the sentences are to run concurrently.

On the second count charge of possession of documents under false pretenses, he was discharged and acquitted.

Court orders man to restitute victim

In delivering the sentence, Justice Oyefeso also ordered the accused to restitute N215 million within 30 days of the judgment.

Oyefeso held that he might be considered for a fine, upon the restitution of the amount.

A lawyer, Ms. Goodness Nwankwo, who spoke to Legit.ng explained that issuing a dud cheque or bounced cheque is considered a criminal offence, particularly when proven to be done intentionally and with criminal intent.

She stated that in concurrent sentences, all terms would run at the same time, meaning that the convict would serve out the longest sentence.

Note that the EFCC is also investigating other fraud cases, including the N1.3 trillion CBEX fraud scam and the N6.9 billion fraud case involving former Ekiti Governor, Ayodele Fayose.

EFCC updates wanted list in CBEX fraud

In related news, the EFCC has released the names of two more suspects wanted in connection with the CBEX investment fraud.

This brings it to eight suspects that the anti-graft agency has declared wanted in the course of its investigations.

They include Folashade Odelana, Bamidele Ayodele Abiodun, Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim.

Source: Legit.ng