Court Jails Orient Petroleum MD, Two Others 14 Years Over N25bn Fraud

An Anambra State High Court sitting in Awka has sentenced the Managing Director of Orient Petroleum Resources Plc, Engineer Nnaemeka Nwawka, and two others to 14 years imprisonment each for their roles in a N25 billion fraud.

Delivering judgment, Justice O. M. Anyachebelu found Nwawka, Jude Anniekwe Cyril, and the registered trustees of Sage Nebeife Foundation guilty on a 10-count charge bordering on stealing, conversion, and gratification.

The prosecution, led by the Economic and Financial Crimes Commission (EFCC), told the court that the defendants diverted millions of naira through questionable contracts and allegedly funneled funds back through a foundation for personal benefit. The trial spanned 10 years before the verdict was delivered.

In addition to the jail terms, the court ordered the convicts to refund N140.9 million to Orient Petroleum Resources Plc.

The case stemmed from a petition filed by investor Chief Cletus Ibeto, who accused the defendants of misappropriating N25 billion invested in the company.