N240m Fraud: Supreme Court Of Nigeria Affirms Seven-Year Jail Term, Restores N204m Restitution Against Albert Bassey

The Supreme Court of Nigeria on Friday, February 27, 2026, affirmed the conviction and seven-year prison sentence handed to Senator Albert Bassey over a N240 million fraud case, and restored the order directing him to refund N204 million to Akwa Ibom State.
In a unanimous decision delivered by Justice Stephen Jonah Adah, the five-member panel upheld the earlier judgments of the trial court and the Court of Appeal, but faulted the appellate court for failing to sustain the restitution order made by the trial court.
“The order of this court is that the conviction and sentencing imposed by the lower court on the 23rd day of June 2023 on the appellant is hereby affirmed. However, the order of the lower court avoiding the restitution granted by the trial court did not follow the law. It is hereby nullified, and the restitution of N204 million as ordered by the trial court is restored,” Justice Adah ruled.
Bassey’s legal troubles began following his prosecution by the Economic and Financial Crimes Commission (EFCC), led by prosecution counsel Ekele Iheanacho, SAN, before Justice Agatha Okeke of the Federal High Court in Uyo, Akwa Ibom State.
He was arraigned on seven counts bordering on receiving bribes in the form of 12 vehicles valued at N254 million while serving as Commissioner for Finance in Akwa Ibom State. On December 1, 2022, he was convicted on all counts and sentenced to seven years imprisonment on each charge, amounting to a cumulative 42 years.
Although the Court of Appeal, in a judgment delivered by a three-man panel led by Justice Raphael Chikwe Agbo, upheld the conviction and introduced an option of fine, the apex court has now put the matter to rest by affirming the conviction and reinstating the restitution order.