A Lagos Special Offences Court has sentenced Henry Daniel to one year in prison for a N37 million foreign exchange scam. Justice Olubunmi Abike-Fadipe delivered the judgment on Monday after a full trial, finding Daniel guilty of defrauding an investor under the guise of a lucrative forex trading scheme.
The convict, who operated under the name Equigro Financial Services, was brought before the court by the Economic and Financial Crimes Commission (EFCC) on charges of stealing and obtaining money by false pretense. Between January and October 2020, Daniel convinced his victim, Mr. Eze Onyekachukwu, to “invest” N37 million. However, instead of trading the funds as promised, Daniel converted the money to his personal use.
While the defendant initially pleaded “not guilty,” the prosecution, led by Babatunde Sonoiki, presented three witnesses and a mountain of documentary evidence that effectively dismantled Daniel’s defense.
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The Court’s Verdict
Justice Abike-Fadipe offered the convict an alternative to his one-year jail term, providing an option of a N2 million fine. However, the sentence came with additional punitive measures:
- Restitution: Daniel must pay N15.6 million back to the petitioner.
- Community Service: The convict is required to perform 50 hours of community service.
This case serves as a stark reminder of the risks associated with unlicensed forex investment schemes, as the EFCC continues its crackdown on financial crimes within the Lagos Zonal Directorate.