Businessman gets 30 years in Prison over $62,500, €36,020 fraud in Lagos

A Lagos State High Court sitting in Ikeja has convicted and sentenced a businessman, Olumuyiwa Teniola Idowu, and his company, Tennyvans Nigeria Limited, in a fraud case involving the dishonest conversion of $62,500 and €36,020.

Justice Ismail Ijelu delivered the judgment on Monday, March 30, 2026. The court found the defendants guilty on a six-count charge bordering on stealing and failure to declare assets.

The offences violated Section 285 of the Criminal Law of Lagos State, 2011, and Section 27(3) of the Economic and Financial Crimes Commission (EFCC) Act, 2004.

One of the charges presented in court stated:

“Olumuyiwa Teniola Idowu and Tennyvans Nigeria Limited, sometime 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 charge stated: “Olumuyiwa Teniola Idowu and Tennyvans Nigeria Limited, sometime in 2012 at Lagos within the jurisdiction of this Honourable Court, dishonestly converted to your own use the sum of €36,020 being the cost and shipping of a DAF truck, box trailer and two (2) tippers, property of Rene Theodorous Johannes Brouwers of Brouwers USA Trucks and Parts B.V.”

The defendant was first arraigned on November 27, 2024, where he pleaded not guilty, leading to a full trial.

During the proceedings, the prosecuting counsel, E. S. Okongwu, called three witnesses and presented 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 Idowu to five years’ imprisonment on counts one to four, to run concurrently. He was also handed 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.

The court further ordered that the sum of $62,500 and €36,020 be returned to the nominal complainant within six months.

Following the judgment, the convict was remanded at the Ikoyi Correctional Centre.