In a landmark ruling, the Anambra State High Court, presided over by Justice O. M. Anyachebelu, has convicted Engineer Nnaemeka Nwawka, Managing Director of Orient Petroleum Resources Plc, and the Sage Nebeife Foundation for defrauding investors to the tune of ₦25 billion.
The court handed down 14-year jail terms to both Nwawka and the Foundation after finding them guilty on ten-count charges including stealing, conversion, and gratification. In addition, the duo has been ordered to refund ₦140,900,000 to Orient Petroleum Resources Plc.
The charges revealed that Nwawka orchestrated a scheme to award contracts to companies owned by friends, funneling money back to himself through his Foundation. Among the specific misappropriations were ₦82,856,934 diverted in 2012 and ₦29,620,733 in 2013 from Vhelbherg International Limited’s accounts.
The Economic and Financial Crimes Commission (EFCC), represented by Victor Ukagwu, conducted a rigorous 10-year trial, calling four witnesses and submitting 24 exhibits to demonstrate the defendants’ fraudulent activities. Despite strong defenses from SANs U. N. Udechukwu and E.S.C Obiora, the court found the evidence compelling enough to convict.
