A Lagos State Special Offences Court in Ikeja has convicted and sentenced Minnis Uchenna Howard and his company, Howard Minnis Asset Management Limited, for the fraudulent conversion of N822,422,260 meant for the purchase of base oil. The conviction, delivered by Justice R. A. Oshodi on Friday, follows a prosecution by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC). The case, which began with the arraignment of the defendants on November 30, 2023, culminated in a guilty plea to an amended charge filed on July 3, 2026.
The defendants were initially charged with obtaining by false pretence and stealing, but pleaded not guilty at the outset. During the trial, the prosecution, led by M. K. Bashir, presented four witnesses and several documents as evidence. The defence countered with two witnesses. The amended charge specifically accused Howard and his company of dishonestly converting N822,422,260 belonging to Krystal Lubes Limited, which had been entrusted for the purchase of 900,000 litres of SN900 Base Oil and 500,000 litres of SN500 Base Oil. The charge cited Section 285(1) of the Criminal Law of Lagos State, 2011.
Minnis Uchenna Howard and Howard Minnis Asset Management Limited pleaded guilty to the amended charge. Prosecution counsel urged the court to convict based on the evidence already submitted. In his judgment, Justice Oshodi sentenced Howard to two years and four months’ imprisonment. The company was fined N10 million. The court also ordered both defendants to refund the full amount of N822,422,260 to Krystal Lubes Limited within one year, as stipulated in the nomination agreement signed by the defendants, their guarantor, and the victim.
Additionally, Justice Oshodi directed that N45 million recovered during the EFCC investigation be released to Krystal Lubes Limited within seven days. The EFCC confirmed that Howard had misappropriated the funds meant for the purchase of base oil, violating trust and engaging in economic fraud. The case highlights the agency’s commitment to prosecuting financial crimes and recovering stolen assets for victims.
This conviction sends a strong message to individuals and businesses involved in financial transactions, especially in the oil and lubricant sectors. It underscores the importance of accountability and transparency in business dealings. The judgment reinforces the legal consequences of economic fraud in Nigeria and serves as a deterrent to others who may consider similar acts. The outcome also reflects the judiciary’s role in upholding justice and protecting the interests of legitimate businesses.
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