The Anambra State High Court sitting in Awka has convicted and sentenced the Managing Director of Orient Petroleum Resources Plc, Engineer Nnaemeka Nwawka, alongside his associate Jude Anniekwe Cyril and the Registered Trustees of Sage Nebefeife Foundation, to 14 years imprisonment each for a N25 billion fraud.
Justice O.M. Anyachebelu delivered the judgment after a decade-long trial prosecuted by the Economic and Financial Crimes Commission. The defendants were found guilty on a 10-count charge bordering on stealing, fraudulent conversion of funds and gratification.
The case stemmed from a petition filed by investor Cletus Ibeto, who alleged that he invested N25 billion in Orient Petroleum Resources Plc. The court heard that instead of deploying the funds for legitimate oil and gas operations, the Managing Director orchestrated contract awards to companies linked to associates.
According to the prosecution, payments for the contracts were routed through the Sage Nebefeife Foundation, which the court found to be under the control of Nwawka. The funds were subsequently withdrawn for personal use, thereby defrauding both the company and its investors.
Evidence presented during the trial showed that between April and December 2012, the convicts fraudulently converted N82,856,934 transferred from Vhelbherg International Limited’s account with Standard Chartered Bank into the account of the foundation domiciled with First Bank. Between January and May 2013, an additional N29,620,733 was diverted in a similar manner.
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The EFCC called four witnesses and tendered 24 documentary exhibits. Defence counsel, including senior advocates, challenged the allegations and sought to justify the transactions as legitimate contract payments. However, Justice Anyachebelu ruled that the prosecution had proved its case beyond reasonable doubt.
In addition to the 14-year custodial sentences, the court ordered Nwawka and the Sage Nebefeife Foundation to refund N140,900,000 to Orient Petroleum Resources Plc.
The judgment is regarded as one of the most significant corporate fraud convictions in Anambra State’s oil and gas sector in recent years. Industry observers say the ruling signals stronger judicial resolve to address financial misconduct in Nigeria’s petroleum industry.
EFCC officials described the conviction as a major milestone in the fight against economic and financial crimes, noting that it sends a clear message to corporate executives who misuse investor funds through complex contract arrangements and affiliated entities.
With the sentencing concluded, attention now turns to enforcement of the refund order and potential recovery of additional assets linked to the fraud.
Keywords: Court jails Orient Petroleum MD
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