The Lagos State High Court sitting in Tapa has sentenced five persons to seven years imprisonment each for their roles in a N117.7 million fraud involving Chi Limited.

Justice K.A. Jose handed down the sentences on Thursday, September 3, 2026, after finding the defendants guilty of offences bordering on conspiracy, obtaining money by false pretence and forgery.

The convicts are Yinka Salawu, also known as Mr. Yinka James Christopher; Joshua Oluremi Daramola; Raji Ahmed; Afolabi Israel Olusegun; and Muraina Olanrewaju Abdullahi.

They were prosecuted by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) on a six-count charge arising from a fraudulent transaction involving Chi Limited.

The prosecution alleged that the defendants, alongside other persons, obtained N81,359,922 from Chi Limited in 2009 by falsely representing that the money was payment for goods and services supplied to the company.

According to the EFCC, the goods and services were neither delivered nor was the money refunded to Chi Limited.

During the trial, the prosecution called 17 witnesses, including personnel of the EFCC, the Nigeria Police Force, commercial banks and Chi Limited. Several documentary exhibits were also tendered before the court to establish the allegations against the defendants.

At the conclusion of proceedings, Justice Jose found the 1st, 4th, 5th, 6th and 7th defendants guilty on Counts One, Two and Three and convicted them accordingly.

The court, however, discharged and acquitted the 2nd, 3rd and 8th defendants.

Following the convictions, EFCC counsel, M.S. Owede, urged the court to invoke the relevant provisions of the Advance Fee Fraud and Other Fraud Related Offences Act and order the convicts to restitute Chi Limited.

The prosecution said the total amount covered by Counts Two and Three was N117,755,061 and asked the court to compel the convicts to refund the money to the company.

Owede also requested an order for the sale of properties belonging to the first convict, with the proceeds paid to Chi Limited. Alternatively, the prosecution urged the court to forfeit the properties to the company.

In her ruling, Justice Jose sentenced each of the five convicts to seven years in prison without an option of a fine.

The judge, however, directed that the convicts be credited for the periods they had already spent in custody, which would be deducted from their seven-year sentences.

On restitution, the court, relying on Section 297 of the Administration of Criminal Justice Law, ordered the convicts to restitute Chi Limited with the sums contained in the charges.

Justice Jose further directed that any amount already paid by the convicts be deducted from the total sum to be restituted.

The case stemmed from the defendants’ arrest and prosecution over the alleged fraudulent receipt of N81.36 million from Chi Limited on the pretext that the money represented payment for goods and services.

The prosecution maintained that the defendants failed to fulfil the transactions for which the payments were made and also failed to return the funds to the company.