Reported by: Ijeoma G | Edited by: Gabriel Osa
A Special Offences Court sitting in Ikeja, Lagos, has convicted and sentenced two men, Obiesie Elyon Chukwugene and Afolabi Adebayo Olumuyiwa, to one year imprisonment each for stealing a total sum of ₦36,570,000 from an investor under the guise of poultry farming investments. The judgment, delivered by Justice Rahman Oshodi on Tuesday, 27 January 2026, marks the conclusion of a case prosecuted by the Economic and Financial Crimes Commission, EFCC, through its Lagos Zonal Directorate 2.
The convicts were initially arraigned on 21 November 2024 alongside a company, D Velvetbox Agro Farm Limited, on a 15-count charge bordering on stealing. The charges stemmed from a series of transactions in which the defendants were accused of dishonestly inducing a petitioner, Judith Okoli, to part with large sums of money on the representation that the funds would be invested in poultry farming ventures. According to the EFCC, the money was instead diverted to settle debts owed to other investors.
Court records show that Obiesie Chukwugene, the Managing Director of D Velvetbox Agro Farm Limited, was accused of converting ₦5 million belonging to Okoli on or about 27 May 2023. The prosecution alleged that he misrepresented the purpose of the funds as capital for poultry farming, while using the money for personal purposes and to offset obligations to earlier investors. A similar allegation was made against Afolabi Olumuyiwa, who trades under the name Triple J Farm. He was accused of dishonestly converting another ₦5 million from the same petitioner on or about 31 March 2023 under the same pretext.
The defendants initially pleaded not guilty to all counts, prompting the prosecution to open trial. During proceedings, the prosecution counsel, A. M. Dambuwa, called two witnesses and tendered several documents, which were admitted as exhibits by the court. The evidence presented detailed the flow of funds from the petitioner to the defendants and the subsequent use of the money in a manner inconsistent with the stated investment purpose.
However, the course of the trial changed when the defendants were re-arraigned on an amended two-count charge. Upon re-arraignment, both Chukwugene and Olumuyiwa pleaded guilty. The court also considered the position of the third defendant, D Velvetbox Agro Farm Limited, as a corporate entity linked to the fraudulent transactions.
In his judgment, Justice Oshodi held that the prosecution had proved its case beyond reasonable doubt. He found the defendants guilty on the amended information and convicted them accordingly, stating clearly that the evidence and the guilty pleas left no room for doubt as to their culpability. The judge emphasised that the offences involved a deliberate breach of trust and a dishonest exploitation of an investment opportunity to defraud an unsuspecting victim.
The court consequently sentenced both Chukwugene and Olumuyiwa to one year imprisonment each, without an option of fine. The sentence was ordered to take effect from 21 November 2024, the date they were first remanded at the correctional centre. In addition, the court convicted D Velvetbox Agro Farm Limited and imposed a fine of ₦1 million on the company, to be paid through its Managing Director, Chukwugene.
Beyond custodial sentences, the court made significant restitution and forfeiture orders. Justice Oshodi directed that both convicts jointly pay restitution in the sum of ₦5 million to the petitioner within five months. The court also ordered that a Toyota Camry recovered from Chukwugene be forfeited to Judith Okoli, directing that the vehicle be released to her or to any person authorised by her to take possession on her behalf.
The EFCC stated that the total sum fraudulently obtained from the petitioner amounted to ₦36,570,000, all of which was collected on the representation that it would be invested in poultry farming. Investigations revealed that instead of being channelled into agricultural production, the funds were used to service debts owed to other investors, a practice prosecutors described as deceptive and criminal.
The case highlights ongoing concerns over fraudulent investment schemes in Nigeria’s agribusiness sector, where individuals and companies sometimes exploit the appeal of agriculture as a profitable and socially desirable venture. Law enforcement authorities have repeatedly warned members of the public to exercise due diligence before committing funds to investment opportunities, particularly those promising high or guaranteed returns.
With the conviction secured, the EFCC reaffirmed its commitment to holding individuals and corporate entities accountable for financial crimes. The commission has maintained that prosecutions such as this are intended not only to punish offenders but also to deter others who may seek to abuse public trust through fraudulent schemes.
The judgment brings a measure of closure to the petitioner and reinforces the role of the Special Offences Court in addressing economic and financial crimes. It also serves as a reminder that misrepresentation and diversion of investors’ funds, regardless of the sector involved, carry serious legal consequences under Nigerian law.
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