Orient Petroleum MD and Foundation Sentenced to 14 Years for N25bn Fraud

In a case presided over by O.M. Anyachebelu of the Anambra State High Court in Awka, Nnaemeka Nwawka, the Managing Director of Orient Petroleum Resources Plc, and the Registered Trustees of Sage Nebefeife Foundation have each been handed a 14-year prison sentence for their involvement in a N25 billion fraud.

The conviction comes after the defendants were charged with multiple counts including stealing, fraudulent conversion, and gratification.

The court ruled that from April to December 2012, the convicts misappropriated N82.8 million that had been transferred from Vhelbherg International Limited’s account at Standard Chartered Bank into the accounts of Sage Nebefeife Foundation held at First Bank.

Furthermore, between January and May 2013, they appropriated another N29.6 million transferred from the same company into the foundation’s account for personal gain.

Although the defendants pleaded not guilty, the Economic and Financial Crimes Commission (EFCC), led by counsel Victor Ukagwu, pursued a comprehensive trial that lasted over ten years.

Throughout the trial, the EFCC presented four witnesses and submitted numerous documents labeled P1 to P24 as evidence.

The evidence revealed that Mr. Nwawka was instrumental in awarding contracts from Orient Petroleum Resources Plc to firms associated with his affiliates. Funds allocated for these contracts were later redirected back to him via his foundation and subsequently withdrawn for personal use.

Counsel for the defendants, UN Udechukwu (SAN) for the first and third defendants, and E.S.C. Obiora (SAN) for the second defendant, attempted to defend their clients by detailing how the contracts were executed.

However, Justice Anyachebelu concluded that the prosecution had successfully proven its case, resulting in the conviction of Mr. Nwawka and the foundation. Additionally, they were ordered to repay N140.9 million to Orient Petroleum Resources Plc.

This conviction stems from a petition lodged with the EFCC by investor Cletus Ibeto, who claimed he invested N25 billion in the company, alleging that the funds were illegitimately drained through dubious contract awards linked to the MD and funneled back through the foundation.