Lagos State Special Offences Court sitting in Ikeja has convicted and sentenced Minnis Uchenna Howard and his company, Howard Minnis Asset Management Limited, over the fraudulent conversion of N822,422,260 meant for the purchase of base oil.
The conviction followed the prosecution of the case by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission, EFCC, before Justice R. A. Oshodi on Friday.
The defendants were initially arraigned on November 30, 2023, on a two-count charge of obtaining by false pretence and stealing. They pleaded not guilty at the time.
During the trial, the prosecution, led by M. K. Bashir, called four witnesses and tendered several documents, while the defence presented two witnesses.
The EFCC said the defendants were later re-arraigned on July 3, 2026, on an amended one-count charge of dishonestly converting N822,422,260 belonging to Krystal Lubes Limited, paid for the purchase of 900,000 litres of SN900 Base Oil and 500,000 litres of SN500 Base Oil.
The defendants pleaded guilty to the amended charge.
Following the plea, prosecution counsel urged the court to convict the defendants as charged and rely on the evidence already presented.
In his judgment, Justice Oshodi convicted Howard and sentenced him to two years and four months’ imprisonment.
The court also fined the company, Howard Minnis Asset Management Limited, N10 million.
Justice Oshodi ordered the defendants to refund N822,422,260 to Krystal Lubes Limited within one year, in line with the nomination agreement signed by the defendants, their guarantor and the petitioner.
The judge further directed that the N45 million recovered during investigation be released to the petitioner within seven days.
