By Our Correspondent

National News – A Lagos State High Court in Ikeja has sentenced businessman Olumuyiwa Idowu to 30 years in prison for theft and failure to declare assets totaling $62,500 and €36,020.

Justice Ismail Ijelu delivered the verdict on Monday after determining that the Economic and Financial Crimes Commission (EFCC) proved the case beyond a reasonable doubt.

Idowu and his company were charged on six counts of asset misappropriation and illegal conversion of property.

The EFCC reported that in 2012, Idowu dishonestly converted Caterpillar parts valued at $62,500 and shipping fees for a DAF truck, box trailer, and two tippers worth €36,020, belonging to Rene Theodorous Johannes Brouwers of Brouwers USA Trucks and Parts.

The offenses violate Section 285 of the Criminal Law of Lagos State, 2011, and Section 27(3) of the EFCC Act, 2004.

The trial began after Idowu pleaded not guilty on November 27, 2024.

During the proceedings, the prosecution called three witnesses and presented eleven exhibits, while the defense presented one witness.

The court sentenced Idowu to five years on counts one to four, to run concurrently.

For counts five and six, the court imposed five years per count with the option to pay a fine of N1,000,000 per count within six months; failure to pay would result in serving the custodial sentence.

The court also ordered restitution of $62,500 and €36,020 to the complainant within six months.

Idowu was subsequently remanded to Ikoyi Correctional Centre.

This case underscores Nigeria’s ongoing commitment to tackling financial crimes and enforcing accountability for asset declaration violations.