Lagos businessman sentenced to 30 years for theft and asset concealment
A Lagos State High Court has sentenced Olumuyiwa Idowu to 30 years in prison for stealing and failing to declare assets. Justice Ismail Ijelu found him guilty after a full trial involving the theft of $62,500 and €36,020. Idowu and his company faced six counts brought by the Economic and Financial Crimes Commission. The court also ordered restitution of the stolen sums to the complainant.
What happened
- Olumuyiwa Idowu was first arraigned on November 27, 2024, and pleaded not guilty, leading to a full trial.
- The court found that Idowu and his company converted $62,500 and €36,020 belonging to Rene Theodorous Johannes Brouwers for their own use.
- Justice Ismail Ijelu sentenced Idowu to five years’ imprisonment on counts one to four, to run concurrently.
- On counts five and six, the court imposed five years’ imprisonment on each count, with an option of a N1,000,000 fine per count to be paid within six months.
- The court ordered that $62,500 and €36,020 be restituted to the complainant within six months, and remanded Idowu at the Ikoyi Correctional Centre.
