Court jails businessman Amadi, liquidates company over N2.9 fraud

Justice Ambrose Lewis-Allagoa of a Federal High Court, Lagos, has convicted the Chief Executive Officer (CEO) of IDID Nigeria Limited, Kenneth Amadi and sentenced him to 18 months imprisonment over fraud of N2.9 billion.

The judge found him guilty of counts 4 and 5 of five counts charge brought against him by the Federal Government of Nigeria (FGN), through the office of the Attorney General of the Federation (AGF).

While delivering judgment yesterday, Justice Allagoa convicted Amadi, sentenced him to 18 months imprisonment without an option of fine. The judge also ordered that IDID Nigeria Limited be liquidated with immediate effect.

Amadi and his company, IDID Nigeria Limited, were slammed a five-count charge of conspiracy and fraud to the tune of N2.9 billion.

His offence bordered on obtaining by false pretence; forgery, unlawful fund conversation and fraud.

The offences contravened Section 1 of the Advance Fee Fraud and Other Fraud Related Offences Act. Cap.A6, Law of the Federation of Nigeria, 2004 and punishable under Section 1(3) of the same Act.

Also, Section 1(2)(c) of the Miscellaneous Offence Act, Cap. M17. Law of the Federation of Nigeria 2004 and Punishable under the same Section of the Act.; Section 27 (b) of Cybercrimes (Prohibition, Prevention, Etc.) Act, 2015 and punishable under Section 14 (1) of the same Act. And Sections 434 and 435 of the Criminal Code Act, Cap. C38 Laws of the Federation of Nigeria, 2004 and punishable under the same Section of the Act.

The prosecution had stated that the defendant obtained by false pretence, with intent to defraud, the sum of N2, 900,000,000 belonging to Eunisell Ltd, from A-Z Petroleum Ltd and Ammasco International Ltd; omitting making full and true entry thereof in the books and accounts; suppression of data in respect of the financial transfer to Eunisell Ltd; and converting the same amount without authority to create sufficient deposits to promote the credibility of his own company (IDID Nigeria Limited).

He had pleaded not guilty to the charge and the prosecution called witnesses during trial.

The defendant and his company later filed no case submission.  At the last proceeding, Justice Alagoa, had ruled against the no-case submission, ask the defendant to enter defence on the N2.9 billion fraud charge.

In his ruling, the judge held that the prosecution had raised issues that require the embattled ex-staff to proffer answers, prompting the court to order Amadi to open his defence.

Amadi had in his no case submission contended that the prosecution had not been able to make any prima-facie case against him and as such had no business being in court.