Lagos court jails man, fines company over N822m oil supply fraud
Lagos Court Convicts Businessman for Fraudulent Conversion of Funds
A special offences court in Lagos has convicted Minnis Uchenna Howard and his company, Howard Minnis Asset Management Limited, for the fraudulent conversion of 822,422,260 naira intended for the purchase of base oil.
The court’s decision was issued by Justice R.A. Oshodi during a hearing on Friday, following the prosecution of the case by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC).
Howard and his company were initially arraigned on November 30, 2023, on two counts of obtaining by false pretense and stealing. Both defendants pleaded not guilty at that time.
During the trial, which included testimony from four prosecution witnesses and two from the defense, the allegations were examined in detail. The defendants faced an amended one-count charge on July 3, 2026, which asserted that they had dishonestly converted funds that properly belonged to Krystal Lubes Limited.
The charge specified that, on a date in 2023, Howard and his company misappropriated the sum of 822,422,260 naira that had been paid for the procurement of 900,000 liters of SN900 Base Oil and 500,000 liters of SN500 Base Oil.
After reassessing their legal position, the defendants changed their plea to guilty.
In light of the guilty plea, the prosecution requested the court to impose a sentence based on the evidence presented. Following deliberation, Justice Oshodi sentenced Howard to two years and four months in prison. Additionally, the court imposed a 10 million naira fine on Howard Minnis Asset Management Limited.
The court ordered both defendants to reimburse the entire amount of 822,422,260 naira to Krystal Lubes Limited within one year, as specified in the agreement they had signed. Furthermore, Justice Oshodi mandated that the 45 million naira recovered during the investigation be released to the petitioner within seven days.
The EFCC noted that Howard’s conviction stemmed from the illegal appropriation of funds entrusted to him for purchasing base oil.
