Businessman gets seven-year jail term for duping Swiss firm

A lagos High Court Igbosere yesterday sentenced a businessman, Femi Ogunlowo, to seven years imprisonment, for duping a Swiss fertilizer company, Uralkali Trading SA of Geneva Switzerland, to the tune of N171. 2 million.

The convict was found guilty by the court presided over by Justice Raliat Adebiyi of all the amended four-count charge of conspiracy to steal, retaining stolen property; money laundering; retaining proceeds of criminal conduct and forgery, leveled against him by the Economic and Financial Crimes Commission (EFCC).

The EFCC counsel, Rotimi Oyedepo also informed the court that the convict committed the offence between January 5 and 29, 2015, in Lagos when he (Ogunlowo) conspired and obtained $859, 940 from the Swiss company through false pretences and that on January 6, 2015, the convict tried to disguise the source of the money through unlawful financial transaction.