Man Bags Two Years, Four Months Jail Term for N822m Fraud in Lagos
The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission, EFCC, on Friday, July 10, 2026, secured the conviction and sentence of one Minnis Uchenna Howard and his company, Howard Minnis Asset Management Limited, before Justice R. A. Oshodi of the Lagos State Special Offences Court sitting in Ikeja, Lagos, for fraud involving N822,422,260.
The defendants were initially arraigned on November 30, 2023, on a two-count charge bordering on obtaining by false pretence and stealing, to which they pleaded not guilty.
During the trial, the prosecution, led by M. K. Bashir called four witnesses and tendered several documents as evidence, while the defence called two witnesses.
Subsequently, on July 3, 2026, the defendants were re-arraigned on an amended one-count information.
The count reads:
“That you, Minnis Uchenna Howard and Howard Minnis Asset Management Limited, sometime in 2023 at Lagos, within the jurisdiction of this Honourable Court, dishonestly converted to your own use the sum of N822,422,260.00, property of Krystal Lubes Limited, paid to you for the purchase of 900,000 litres of SN900 Base Oil and 500,000 litres of SN500 Base Oil, thereby committing an offence contrary to Section 285(1) of the Criminal Law of Lagos State, 2011.”
The defendants pleaded guilty to the amended charge.
In view of their plea, prosecution counsel urged the court to convict the defendants as charged and to rely on the evidence already before the court.
Delivering judgment, Justice Oshodi convicted and sentenced the first defendant, Minnis Uchenna Howard, to two years and four months imprisonment.
The second defendant, Howard Minnis Asset Management Limited, was ordered to pay a fine of N10 million.
The court further ordered the defendants to make full restitution to the victim, Krystal Lubes Limited, in the sum of N822,422,260 within one year, in line with the nomination agreement executed by the defendants, their guarantor and the petitioner.
Justice Oshodi also directed that the sum of N45 million recovered during the course of investigation be released to the petitioner within seven days.
The convict bagged his imprisonment when he dishonestly converted to his own use the sum of N822,422,260.00, property of Krystal Lubes Limited, paid to him for the purchase of 900,000 litres of SN900 Base Oil and 500,000 litres of SN500 Base Oil,
