Justice R. A. Oshodi of the Lagos State Special Offences Court in Ikeja has sentenced Minnis Uchenna Howard to two years and four months in prison following his conviction for a massive financial fraud totaling N822,422,260.
The conviction also extends to his firm, Howard Minnis Asset Management Limited, which the court ordered to pay a fine of N10 million.
The Case Background
The legal battle began on November 30, 2023, when the Economic and Financial Crimes Commission (EFCC) first arraigned the defendants on a two-count charge involving obtaining by false pretence and stealing. The case centered on a transaction with Krystal Lubes Limited, in which the victim paid N822,422,260 to Howard for the supply of 900,000 litres of SN900 Base Oil and 500,000 litres of SN500 Base Oil.
Instead of fulfilling the supply agreement, Howard dishonestly converted the funds to his own personal use.
Legal Proceedings
During the trial, the prosecution team, led by M. K. Bashir, established the case by presenting four witnesses and a comprehensive array of documentary evidence. After a protracted trial, the defense opted to change their plea. On July 3, 2026, the defendants were re-arraigned on an amended one-count charge of conversion of funds, to which they entered a guilty plea.
Following the plea, the prosecution urged the court to convict the defendants based on the evidence already presented.
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Court Order and Restitution
In his judgment delivered on Friday, July 10, 2026, Justice Oshodi emphasized the importance of accountability in commercial transactions. Beyond the prison sentence and the fine imposed on the company, the court issued critical directives regarding restitution:
- Full Restitution: The defendants are required to pay the full sum of N822,422,260 to Krystal Lubes Limited within one year, in strict accordance with a nomination agreement signed by the defendants, their guarantor, and the petitioner.
- Immediate Recovery: The court ordered that N45 million already recovered by the EFCC during the investigative phase be released to the victimized company within seven days.
This verdict serves as a firm reminder of the judicial stance against corporate fraud and the rigorous enforcement of restitution in financial crimes within Lagos State.
