Man Bags Two Years, Four Months Jail Term For N822m Fraud In Lagos

The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission, EFCC, on Friday, July 10, 2026, secured the conviction and sentence of one Minnis Uchenna Howard and his company, Howard Minnis Asset Management Limited, before Justice R. A. Oshodi of the Lagos State Special Offences Court sitting in Ikeja, Lagos, for fraud involving N822,422,260.
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The defendants were initially arraigned on November 30, 2023, on a two-count charge bordering on obtaining by false pretence and stealing, to which they pleaded not guilty.

During the trial, the prosecution, led by M. K. Bashir called four witnesses and tendered several documents as evidence, while the defence called two witnesses.

Subsequently, on July 3, 2026, the defendants were re-arraigned on an amended one-count information.

The count reads:

“That you, Minnis Uchenna Howard and Howard Minnis Asset Management Limited, sometime in 2023 at Lagos, within the jurisdiction of this Honourable Court, dishonestly converted to your own use the sum of N822,422,260.00, property of Krystal Lubes Limited, paid to you for the purchase of 900,000 litres of SN900 Base Oil and 500,000 litres of SN500 Base Oil, thereby committing an offence contrary to Section 285(1) of the Criminal Law of Lagos State, 2011.”

The defendants pleaded guilty to the amended charge.

In view of their plea, prosecution counsel urged the court to convict the defendants as charged and to rely on the evidence already before the court.

Delivering judgment, Justice Oshodi convicted and sentenced the first defendant, Minnis Uchenna Howard, to two years and four months imprisonment.

The second defendant, Howard Minnis Asset Management Limited, was ordered to pay a fine of N10 million.

The court further ordered the defendants to make full restitution to the victim, Krystal Lubes Limited, in the sum of N822,422,260 within one year, in line with the nomination agreement executed by the defendants, their guarantor and the petitioner.

Justice Oshodi also directed that the sum of N45 million recovered during the course of investigation be released to the petitioner within seven days.

Jail

The convict bagged his imprisonment when he dishonestly converted to his own use the sum of N822,422,260.00, property of Krystal Lubes Limited, paid to him for the purchase of 900,000 litres of SN900 Base Oil and 500,000 litres of SN500 Base Oil,
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Nwabuoku’s N868.4m Fraud: Appeal Court Dismisses Bail Application For Lack Of Merit

A three-man panel of the Justices of the Abuja Division of the Court of Appeal, on Friday, July 10, 2026 dismissed the bail application, filed by the convicted former Acting Accountant General of the Federation, AGF, Chukwunyere Anamekwe Nwabuoku for lack of merit.
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Justice James Omotosho of the Federal High Court, Maitama, Abuja had on Monday, March 23, 2026 convicted and sentenced Nwabuoku to 72 years prison term in Kuje Medium Security Correctional Centre, Abuja, for money laundering to the tune of N868, 465,000 (Eight Hundred and Sixty-eight Million, Four Hundred and Sixty-five Thousand Naira). He, however, appealed the judgment and sought to be admitted to bail on health grounds, pending the determination of the appeal.

Consequently, Nwabuoku on May 8, 2026, through his lawyer, N.1 Quakers, SAN, filed an application for bail on the ground of his alleged ill health, which he claimed had deteriorated and necessitating medical attention beyond what the University of Abuja Teaching Hospital, designated for inmates of the Nigerian Medium Security Correctional Centre, Kuje Abuja can offer.

Nwabuoku in the application, stated that he was a responsible citizen who was the Acting Accountant General of the Federation and that he had credible sureties who could take him on bail.

Counsel to the EFCC, Ekele Iheanacho, SAN, in response, filed a counter-affidavit on May 25, 2026 arguing that the offences for which the appellant was convicted were serious in nature, having involved massive corruption that contributed in inhibiting the government from defeating the pervasive insecurity that is plaguing the country.

The EFCC counsel also noted that there was no medical evidence before the court to show that the appellant cannot continue to receive treatment, even surgery in University of Abuja Teaching Hospital while serving his sentence. According to the counsel, the fact that the appellant was confined in the Kuje Medium Security Custodial Center, Abuja and the University of Abuja Teaching Hospital for medical evaluation showed that the authorities of the Correctional Service are proactive to his medical needs and have so far not denied him medical attention.

Appeal Court

The EFCC counsel further argued that granting the appellant bail, pending the determination of his appeal will undermine public confidence in the administration of criminal justice. “Granting bail to the Appellant/Applicant in the circumstances of this case would send a wrong signal to the public and undermine confidence in the fight against corruption, money laundering and the misuse of public funds earmarked for national security,” he said.

The panel in its decision, read by Justice Adebukola Banjoko held that the application was unmeritorious and dismissed the application accordingly.
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EFCC, NFIU Collaboration Earns Nigeria Global Award

The collaboration between the Economic and Financial Crimes Commission, EFCC, and the Nigerian Financial Intelligence Unit, NFIU, in the fight against financial crimes has earned Nigeria the UNODC–World Bank–Egmont Group Stolen Asset Recovery (StAR) Initiative Award at the 32nd Egmont Group Plenary of Heads of Financial Intelligence Units (FIUs) held in Baku, Azerbaijan, between July 5 and 10, 2026.
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The StAR Award is officially one of the highest operational honours within the global financial intelligence community. It celebrates exceptional instances where exchange and professional analysis of financial intelligence advances investigations, disrupts illicit financial networks, and secures success in the pursuit of justice.

The Group observed that, “the award is a distinction strictly reserved for outstanding cases that exemplify innovation, international cooperation, operational effectiveness, and measurable impact,” in the fight against financial crimes.

It further observed that the winning EFCC-NFIU framework serves as a global model on how secure, timely intelligence sharing between domestic institutions and international partners can result in asset recovery, adding that the winning case perfectly showcased how the NFIU’s intelligence-driven data successfully fed into and strengthened EFCC’s law enforcement investigations, resulting in a monumental recovery of stolen assets.

The Egmont Group’s plenary serves as its principal decision‑making forum that provides an opportunity for heads of Financial Intelligence Units, FIUs to engage in strategic dialogue, exchange expertise, and guide the Group’s priorities.

Ola Olukoyede

The 2026 Plenary included a thematic discussion, focused on strengthening public‑private partnerships, reflecting the evolving nature of financial crime and the need for enhanced collaboration between FIUs and relevant stakeholders.

The Egmont Group is a network of 180-member FIUs, dedicated to improving collaboration and exchange of financial intelligence globally. It supports national and international efforts to detect, deter, and disrupt financial crime and facilitates the exchange of information, knowledge, and cooperation among its members.
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