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Anambra High Court Slams 14-Year Jail Term On Orient Petroleum MD Over N25bn Fraud
Justice O. M. Anyachebelu of the Anambra State High Court sitting in Awka has convicted and sentenced Engineer Nnaemeka Nwawka, Managing Director of Orient Petroleum Resources Plc, and the Registered Trustees of Sage Nebefeife Foundation to 14 years imprisonment each for offences bordering on stealing, conversion and gratification amounting to N25 billion.
The conviction followed a protracted 10-year trial in which the defendants faced a 10-count charge. They had pleaded not guilty when the charges were read to them.
According to the prosecution, led by EFCC counsel, Victor Ukagwu, Nwawka fraudulently diverted company funds by awarding contracts to companies linked to his associates. The funds were allegedly funneled back to him through his foundation and used for personal purposes.
Count one of the charge stated that between April 23 and December 21, 2012, the defendants fraudulently converted N82,856,934 transferred from Vhelbherg International Limited’s account with Standard Chartered Bank into the account of Sage Nebefeife Foundation domiciled in First Bank.
Count two alleged that between January 8 and May 24, 2013, they similarly converted N29,620,733 through the same arrangement.
During the trial, the prosecution called four witnesses and tendered documentary evidence marked Exhibits P1 to P24, detailing how contracts were allegedly manipulated and funds rerouted through the foundation.
Counsel to the first and third defendants, U.N. Udechukwu, SAN, and counsel to the second defendant, E.S.C. Obiora, SAN, presented their defence, arguing that due process was followed in the award and execution of the contracts. However, Justice Anyachebelu held that the prosecution proved its case beyond reasonable doubt.
The court consequently sentenced Nwawka and the foundation to 14 years imprisonment and ordered them to refund N140,900,000 to Orient Petroleum Resources Plc.
The case stemmed from a petition by Chief Cletus Ibeto, an investor in the company, who alleged that he invested N25 billion in Orient Petroleum Resources Plc but that Nwawka siphoned substantial sums through suspicious contract awards to associates, channeling the proceeds through his foundation.
The judgment marks a significant milestone in the long-running prosecution and underscores the court’s stance against corporate fraud and abuse of investor funds.
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