The Lagos Division of the Federal High Court has sentenced three men to 20 years imprisonment.
The court on Wednesday sentenced Kasumu Ademola, Salau Mikailu, and Ganiyu Ishola after finding them guilty.
They were sentenced for alleged participation in defrauding a stock company of money amounting to N45.6 million.
The three of them were arraigned by the Economic and Financial Crimes Commission on four counts bordering on conspiracy, money laundering, and unlawful conversion of money.
Background
In 2018, the trio were arrested by the police and detained for defrauding a stock company.
They were subsequently arraigned in 2019 by the EFCC, on 8 counts but pleaded not guilty to the charges.
The court admitted them to bail on various conditions.
In 2021, they informed the court that they had decided to change their not guilty plea to guilty on the charges against them.
They agreed to have conspired and illegally converted 298,550 stocks, valued at N34 million belonging to a deceased man, Joseph Adeyemi.
They also agreed to unlawfully keeping in their possession, the sum of N9.481million in their bank account.
The accused lawyers, lawyers, O Muyideen and A. Olufemi sought leniency in the trial, as the court resumed the case hearing yesterday.
The lawyers prayed the court to tamper justice with mercy with their client, on the ground that they have been in detention since 2018.
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Court’s decision
Deliveing judgment, Justice Chukwuejekwu Aneke sentenced them to five years in imprisonment in each of the four counts.
The judge pronounced the sentence after he found them guilty of the offence.