Ex-convict Kolawole Erinle sentenced to 12-year imprisonment for $1.4m fraud

Kolawole Erinle, the managing director of Rinde-Remdex Nigeria Limited, was found guilty and given a 12-year prison sentence by the Special Offenses Court located in Ikeja, Lagos State, for defrauding Kansas City University of Medicine and Biosciences (KCUMB) in the United States of approximately $1.4 million.

This was said in a statement released on Friday by Mr. Dele Oyewale, the acting head of the Economic and Financial Crimes Commission’s (EFCC) media and publicity department.

According to the statement, Erinle was found guilty on three counts by Justice R.A. Oshodi which included conspiracy, keeping the proceeds of illegal activity, and obtaining money by deception.

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Two of the charges, according to the statement, were as follows: “This Honourable Court’s jurisdiction encompasses Lagos, sometime in 2019, where Kolawel Adedayo Erinle and Edward Dada (still at large) conspired to falsely represent yourselves as J.E. Dunn, a local construction company in America, with the intent to gain financial advantage in the sum of $1,410,000 (one million four hundred and ten thousand United States dollars) by creating a fake domain name jedunn.org and thereby committed an offense against Section 8 of the Advance Fee Fraud and Other Related Offences Act No. 14, 2006.”

“On or about May 3, 2019, in Lagos, within the jurisdiction of this Honorable Court, Kolawel Adedayo Erinle, Rinde-Remdex Nigeria Limited, and Edward Dada (still at large) retain the control of $1,410,000 (one million four hundred and ten thousand United States dollars) in your Access Bank account, which sum you knew to be proceeds of various internet and cybercrime.”

T.J. Banjo, the prosecution’s attorney, used the evidence during the trial to establish Erinle’s status as a former US bank fraud prisoner.

Erinle had previously entered a plea of “not guilty” despite acknowledging that he had served 23 months in jail as an American ex-convict.

He also said, “I’m sorry,” indicating that he was willing to make amends with his victim.

In rendering her decision, Justice Oshodi found that the prosecution had successfully established the defendants’ guilt beyond a reasonable doubt and found the defendant and his business guilty as charged.

In March 2019, when KCUMB was going to pay J.E. Dunn, you provided Bank of America details in the name of E. Dada Autos, and after the wire transfer of $1,412,509.40 into it, you caused the money to be transferred in tranches of $850,000 and $460,000 into the second convict’s account, which you also control, according to Justice Oshodi, who found that Erinle had “spoofed the email address of the financial controller of J.E. Dunn, by faking the domain name of jedunn.com to jedunn.org,” as argued by the prosecution.

The trial judge proceeds to hear the following evidence: “You acquired cars and other properties captured in exhibit P to P1 as well as transferred the proceeds of your crime to your nominees, including your mother and your wife.

“I have taken into account the prosecution’s submissions that you were previously found guilty of bank fraud in the US.

“I have taken into consideration the fact that you have not changed, even though you have been sentenced to 23 months in prison, as you have confirmed to me.”

Justice Oshodi then gave Erinle a sentence of five years for the second count and twelve years for the third.

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The court remanded him on February 10, 2023, and the sentences are to be served concurrently.

The Corporate Affairs Commission, or CAC, fined Rinde-Remdex Nigeria Limited N50 million and ordered its winding up, forfeiting its profits to the Federal Government of Nigeria.

Additionally, the defendants were mandated to reimburse the victim.

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The judge further mandated that all of the vehicles and assets that the EFCC had taken from them be sold and used to reimburse the victim via the FBI.

The court further stated, “shall be applied as restitution for the victim by the FBI; this is without prejudice for the prosecution and the victim to secure a full restitution.” The money to his credit that the EFCC and the company had recovered.