Korede Abdullah 
LAGOS, Nigeria – The Economic and Financial Crimes Commission (EFCC) has secured a 12-year prison sentence against a Lagos-based businessman, Chukwuemeka Udezuka, for defrauding multiple victims of more than ₦64 million through a fraudulent foreign exchange investment scheme.
Justice Rahman Oshodi of the Special Offences Court sitting in Ikeja delivered the judgment on Friday after finding Udezuka guilty on four counts of stealing and fraudulent conversion of funds.
The conviction followed prosecution by the Lagos Zonal Directorate 1 of the EFCC, which accused the defendant and his company, Mezu Connection Investment Limited, of collecting funds from unsuspecting victims under the pretext of converting naira to United States dollars at the official Central Bank of Nigeria (CBN) exchange rate.
According to the anti-graft agency, the transactions took place in 2022, after which the defendant allegedly disappeared with the funds, leaving victims unable to recover their investments.
One of the charges stated that Udezuka dishonestly converted ₦28 million belonging to Chizoba Benson Chiegwu for personal use, while another count involved the unlawful conversion of ₦17.36 million belonging to Hojoli Augustine Okechukwu.
During the trial, EFCC prosecuting counsel, I.O. Daramola, presented seven witnesses and tendered several exhibits, including the defendant’s extra-judicial statements, bank records, and official correspondence linking him to the transactions.
Delivering judgment, Justice Oshodi ruled that the prosecution successfully established its case beyond reasonable doubt.
The judge described the fraud as a deliberate and carefully orchestrated scheme, noting that the evidence clearly demonstrated criminal intent.
Udezuka was sentenced to three years imprisonment on each of the four counts, with the sentences ordered to run consecutively, bringing the total jail term to 12 years.
Although defence counsel, Emeka Ezeobi, appealed for leniency and urged the court to temper justice with mercy, the judge held that the seriousness of the offence warranted substantial punishment.
In addition to the custodial sentence, the court ordered the convict to refund the stolen funds to the victims within 90 days and submit an affidavit confirming compliance with the restitution order.
The court also imposed a fine of ₦500,000 on Mezu Connection Investment Limited for each of the four counts.
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Oluwatobi Adu 
Oluwafunbi Bello 
