A Lagos State High Court sitting in Ikeja has sentenced businessman, Olumuyiwa Teniola Idowu, to a total of 30 years imprisonment over fraud involving $62,500 and €36,020.
The conviction was disclosed by the Economic and Financial Crimes Commission (EFCC) in a statement shared on its verified X account on Monday.
Idowu and his company, Tennyvans Nigeria Limited, were convicted by Justice Ismail Ijelu of the Lagos State High Court sitting in Ikeja on a six-count charge bordering on stealing and failure to declare assets.
According to the Commission, the defendant fraudulently converted funds belonging to a foreign client in separate transactions involving the purchase of industrial equipment and vehicles.
One of the counts reads:
“Olumuyiwa Teniola Idowu and Tennyvams 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 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.”
