Court jails businessman Amadi, liquidates company over N2.9 fraud | The Guardian Nigeria News - Nigeria and World News

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Court jails businessman Amadi, liquidates company over N2.9 fraud | The Guardian Nigeria News - Nigeria and World News
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Justice Ambrose Lewis-Allagoa of a Federal High Court, Lagos, has convicted the Chief Executive Officer (CEO) of IDID Nigeria Limited, Kenneth Amadi and sentenced him to 18 months imprisonment over fraud of N2.9 billion.

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The judge found him guilty of counts 4 and 5 of five counts charge brought against him by the Federal Government of Nigeria , through the office of the Attorney General of the Federation .

Amadi and his company, IDID Nigeria Limited, were slammed a five-count charge of conspiracy and fraud to the tune of N2.9 billion.The offences contravened Section 1 of the Advance Fee Fraud and Other Fraud Related Offences Act. Cap.A6, Law of the Federation of Nigeria, 2004 and punishable under Section 1 of the same Act.

The prosecution had stated that the defendant obtained by false pretence, with intent to defraud, the sum of N2, 900,000,000 belonging to Eunisell Ltd, from A-Z Petroleum Ltd and Ammasco International Ltd; omitting making full and true entry thereof in the books and accounts; suppression of data in respect of the financial transfer to Eunisell Ltd; and converting the same amount without authority to create sufficient deposits to promote the credibility of his own company .

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