Edo bizman bags seven years for N12.5m fraud

The Federal High Court sitting in Benin City has convicted and sentenced an investor and businessman, Olabinjor Ajobor, to seven years imprisonment for duping one George Ezomo of N12.5m.

The Edo Zonal Command of the Economic and Financial Crimes Commission disclosed this in a statement, obtained by our correspondent on Tuesday.

According to the EFCC, Ajobor was jailed on Tuesday with an option to pay the sum of N500,000 as an option of fine.

Ajobor was said to have first been arraigned in 2018 before being re-arraigned in July 2023 on an amended three counts of obtaining by false pretence.

According to the statement, the presiding judge, Justice Chuka Obiozor, noted that the prosecution had proved the three counts of fraud against Ajobor.

The charge read, “That you, Olabinjor Ajobor and Bisofrank Investment Limited on or about the 21st day of February 2017 in Benin, Edo State within the jurisdiction of this Honourable Court did with intent to defraud induced one Mr George Ezomo to deposit the sum of N6,270,000 through Mr. Michael Ezomoghene into Account No: 1771641039 domiciled in Skye Bank Plc operated by you with the pretence that the said money was an investment in 66,000 litres supply of Low Pour Fuel Oil from the Petroleum Pricing Marketing Company with a share of 60% of the profit to him, which pretence you knew is false. According to the EFCC, the offence committed contravened Section 1(1) (c) of the Advance Fee Fraud and Other Fraud Related Offences Act 2006 and Punishable under Section 1(3) of the same Act.”

The statement noted that during the trial, the prosecuting counsel, Elodi, called three witnesses who testified against the defendant and tendered several documents as evidence.

Delivering her judgment, Justice Obiozor said the prosecution counsel proved her case beyond reasonable doubt thereby convicting and sentencing the defendant to seven years imprisonment without an option of fine. However, he held that the defendant was to be released from prison if he paid the victim the sum of N12.5m and a fine of N500,000 to the Federal government of Nigeria.

The judge reportedly ordered that the second defendant, Bisofrank Investment Limited Company, which he used as a front for pretentious investment in petroleum products, should be closed down.