Friday, June 27, 2025
  • About
  • Advertise
  • Careers
  • Contact
Newsroom Nigeria
  • Home
  • News
    • Across the Nation
    • Crime Watch
    • Metro
    • Political Arena
  • Politics
  • Opinions
  • Crime and Court
    • Judiciary
  • Business
    • Banking
    • Business and Economy
    • Business Life
No Result
View All Result
Newsroom Nigeria
Home CRIME AND COURT

N2.9bn fraud: Court Sends Company’s CEO To Jail, Liquidates Company

The convict was charged before the court on the offences bothering on obtaining by false pretence; forgery, unlawful fund conversation and fraud.

Newsroom Nigeria by Newsroom Nigeria
January 30, 2023
in CRIME AND COURT
Reading Time: 2 mins read
0
SHARES
Share on FacebookShare on Twitter

As a result of his involvement in fraud to the tune of N2.9bn, the Chief Executive Officer (CEO) of IDID Nigeria Limited, Kenneth Amadi, was on Monday, convicted and sentenced to 18 months imprisonment, by Justice Ambrose Lewis-Allagoa of a Federal High Court in Ikoyi, Lagos.

The judge arrived at the decision, after finding him guilty of counts 4 and 5 of the criminal charge made against him by the Federal Government of Nigeria (FGN), through the office of the Attorney General of the Federation (AGF).

Related posts

Emefiele’s Money, Properties: Court Fixes Sept 12 For Hearing Of Applications

September 5, 2024

Yahoo Boy Bags Two Years For Impersonating Flavour N’abania, Duping American.

September 3, 2024

Justice Allagoa, who also convicted Amadi, declared that the sentencing is without an option of fine, and equally ordered that IDID Nigeria Limited be liquidated with immediate effect.

It would be recalled that the day’s judgment was earlier slated to have been delivered on November 22, 2022, but the same was not ready, due to the very busy schedule of the court.

The convicted Amadi and his company, IDID Nigeria Limited, were dragged before the court by the FGN when he held sway as the Chief Operating Officer (COO) of Eunisell Limited, a company founded by Chief Chika Ikenga.

Prior to Justice Allagoa’s judgment, counsels had adopted their final written addresses on Tuesday, October 25, 2022.

Meanwhile, at the last proceeding on the criminal case, Justice Alagoa, had ruled against the no-case submission instituted by the convicted Amadi, questioning the N2.9bn fraud charge, slammed against him by the FGN.

In handing down 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 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.

He then urged the court to strike out the criminal charge against him and accordingly acquit and discharge him without any further delay.

But responding, the prosecution, led by Mrs. Aderonke Imana, had insisted that Justice Allagoa should discountenance the prayers of the convcit, because a case has been made against him and that he ought to put up a defence. The prosecution then asked the court to order Amadi to open his defence.

Specifically, Amadi and his company, IDID Nigeria Limited, are were tried before the court on a five-count charge of conspiracy and fraud to the tune of N2.9 billion.

The convict was charged before the court on the offences bothering on obtaining by false pretence; forgery, unlawful fund conversation and fraud.

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

One of the charges against the defendants include receiving and obtaining 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).

ShareTweetSendShareShare
Previous Post

DSS INTERCEPTS SYNDICATES SELLING NEW CURRENCY NOTES; BANK OFFICIALS IMPLICATED

Next Post

FG RELEASES FUND TO STATE GOVERNMENTS FOR THE FIRST CYCLE OF THE 2023 SCHOOL FEEDING PROGRAM

Related Posts

CRIME AND COURT

Emefiele’s Money, Properties: Court Fixes Sept 12 For Hearing Of Applications

September 5, 2024
CRIME AND COURT

Yahoo Boy Bags Two Years For Impersonating Flavour N’abania, Duping American.

September 3, 2024
CRIME AND COURT

Court Orders NCoS To Provide Binance Chief With Wheelchair

September 3, 2024
CRIME AND COURT

$1million Fraud:   EFCC Arrests Syndicate Impersonating Olukoyede  

August 29, 2024
CRIME AND COURT

Alleged Impunity and Illegal Demolition: Estate Owners Drag Lagos Physical Planning Ministry, LASBCA Over Contempt Of Court 

August 17, 2024
CRIME AND COURT

EXPOSED: HOW A CHINESE COMPANY ATTEMPTED TO STRIP NIGERIA’S ASSETS ABROAD

August 15, 2024
Next Post

FG RELEASES FUND TO STATE GOVERNMENTS FOR THE FIRST CYCLE OF THE 2023 SCHOOL FEEDING PROGRAM

RECOMMENDED NEWS

SORROW AND TEARS AS 30 PEOPLE DIE IN RIVERS’ “SHOP FOR FREE” CHURCH PROGRAMME

3 years ago

Tinubu Celebrates Lamido at Book Launch, Reaffirms Commitment to Political Inclusion

2 months ago

2023: BUHARI ORDERS AKPABIO, AMAECHI, OTHERS APPOINTEES TO RESIGN

3 years ago

‘ARMY GENERAL’ AND ‘CHIEF OF ARMY STAFF NOMINEE’ DOCKED IN LAGOS

3 years ago

FOLLOW US

POPULAR NEWS

  • TAU Students Win Big   at National Innovation Challenge

    TAU Students Win Big   at National Innovation Challenge

    0 shares
    Share 0 Tweet 0
  • Troops Foil Deadly Terrorist Attack In Niger State, Lose 17 Soldiers

    0 shares
    Share 0 Tweet 0
  • TINUBU SIGNS  FOUR TAX BILLS INTO LAW TO TRANSFORM FISCAL, REVENUE FRAMEWORK

    0 shares
    Share 0 Tweet 0
  • NEW TAX LAWS, THE WAY FORWARD FOR NIGERIA’S PROSPERITY, SAYS TINUBU

    0 shares
    Share 0 Tweet 0
  • ADEBAYO HELD ALOFT THE BANNER OF THE UPN, LED BY OBAFEMI AWOLOWO, TINUBU PENS TRIBUTE TO A TRUE STATESMAN

    0 shares
    Share 0 Tweet 0
Newsroom Nigeria

This independent, liberal online news platform aims to inform citizens about important issues. NEWSROOM NIGERIA covers political, business, economic, national, and international news. They are committed to journalism ethics and hold the government accountable.

  • About
  • Advertise
  • Careers
  • Contact

© 2025 Newsroom Nigeria - Designed by Semasir Connect.

No Result
View All Result
  • Home
  • News
    • Across the Nation
    • Crime Watch
    • Metro
    • Political Arena
  • Politics
  • Opinions
  • Crime and Court
    • Judiciary
  • Business
    • Banking
    • Business and Economy
    • Business Life

© 2025 Newsroom Nigeria - Designed by Semasir Connect.