Court Jails Man 7 Years For N2m Fraud

Justice Jose handed down the verdict after she found Kronaghea guilty of  a three-count charge of obtaining money by false pretenses and issuance of dud cheque to the tune of N2 million brought against him by the Economic and Financial Crimes Commission, EFCC.

The anti-graft agency had told the court that the convict under false pretense, obtained the said sum from his victim claiming that he was a stock broker agent, a manager and capital market operator.

But the commission said he was not register under capital market laws and he was not a member of the capital market authorized stockbrokers.

The EFCC insisted that the offence contravenes Section 1 (3)  of the Advance Fee Fraud related offences Act no 14 of 2006.

The convict, who was arraigned on 15 October, 2015 had pleaded not guilty to three the counts charge, while the prosecuting counsel call two witness and tender 18 documents as exhibit.

Delivering the judgment, Justice Jose sentenced the convict to seven years imprisonment on count one and without option of fine.

The judge also ordered that the convict’s company, Confido Consult Services Limited to pay a sum of N50, 000 as a fine.

The convict is to make a restitution of outstanding remaining N966, 000.00 collected from the victim.

Count one of the charge reads, “Odibo Efe Ajibade Krongaghea, Confido Consult Services Limited, on or about the 26th of August 2008 at Lagos within the Ikeja Judicial Division with intent to defraud obtained the sum of N2,000,000 (Two Million Naira) from Judgewell Johnson Effiong by falsely representing that you are fund manager and capital market operator which representation you knew to be false.”