$62,500 AND €36,020 FRAUD: MAN BAGS 30 YEARS IMPRISONMENT IN LAGOS. (PHOTO). #PRESS RELEASE

 $62,500 and €36,020 Fraud: Man Bags 30 Years Imprisonment in Lagos

Justice Ismail Ijelu of the Lagos State High Court, sitting in Ikeja, Lagos, on Monday, March 30, 2026, convicted and sentenced Olumuyiwa Teniola Idowu and his company, Tennyvans Nigeria Limited, to a total of 30 years imprisonment on a six-count charge bordering on stealing and failure to declare assets amounting to $62,500 (Sixty-Two Thousand Five Hundred United States Dollars) and €36,020 (Thirty six Thousand, Twenty Euro)

The offences contravened Section 285 of the Criminal Law of Lagos State, 2011, as well as Section 27(3) of the Economic and Financial Crimes Commission (EFCC) Act, 2004, relating to non-disclosure of assets and refusal to declare properties.

One of the counts reads:

"Olumuyiwa Teniola Idowu and Tennyvams Nigeria Limited sometimes in 2012 at Lagos within the jurisdiction of this Honourable court, dishonestly converted to your own use the sum of $62,500 (Sixty-Two Thousand Five Hundred United States Dollars) being the cost of caterpillar parts, property of Rene Theodorous Johannes Brouwers of Brouwers USA Trucks and Parts".

Another Count Reads:

"Olumuyiwa Teniola Idowu and Tennyvams Nigeria Limited sometimes in 2012 at Lagos within the jurisdiction of this Honourable court, dishonestly converted to your own use the sum of €36, 020 (Thirty six Thousand, Twenty Euro) being the cost and shipping of DAF Truck, Box trailer and two (2) tippers, property of Rene Theodorous Johannes Brouwers of Brouwers USA Trucks and Parts b.v."

Idowu was first arraigned on November 27, 2024, where he pleaded not guilty, prompting a full trial.

During the trial, prosecuting counsel, E. S. Okongwu, called three witnesses and tendered eleven exhibits, all of which were admitted by the court. The defence counsel, Kehinde Olawumi, called one witness.

In his judgment, Justice Ijelu held that the prosecution proved its case beyond reasonable doubt and consequently found the defendant guilty as charged.

The court sentenced him to five years imprisonment on counts one to four, to run concurrently. He was also sentenced to five years imprisonment on counts five and six, with an option of a fine of N1 million on each count, to be paid within six months or serve the custodial sentences.

Additionally, the court ordered restitution of $62,500 and €36,020 to the nominal complainant within six months.

The convict was thereafter remanded at the Ikoyi Correctional Centre.