A company executive in Maiduguri has been jailed following his conviction by the Zonal Command of the Economic and Financial Crimes Commission (EFCC) in Borno State.
The company executive was identified as David Asigbe Iremekhi.
The Borno State High Court, presided over by Justice Umaru Fadawu, handed down a one-year prison term to Iremekhi on Monday.
As contained in a statement on Tuesday, the conviction followed a thorough investigation initiated by the EFCC in response to a petition lodged by one Jerry Shugaba.
Shugaba accused Iremekhi of failing to honour a payment agreement for crude profits.
The funds were owed after Iremekhi persuaded Shugaba to finance a purchase order granted to one Sky Global Concept Limited by Terre Des Hommes.
Initially pleading not guilty during his arraignment on March 8, 2023, Iremekhi experienced a change of heart during the latest court session.
In an unexpected turn of events, he requested the court to modify his plea to guilty, acknowledging his wrongdoing.
During the proceedings, M. Faruk, the prosecution's counsel, urged the court to convict Iremekhi on the charge.
Acting in line with the prosecutor's request, Justice Fadawu subsequently delivered a verdict of guilt and imposed a one-year prison sentence on the defendant.
However, the court also provided an alternative option of a N200,000 fine for Iremekhi.
To ensure restitution for Jerry Shugaba, the judge further mandated that the convict settle the outstanding balance of N8,950,000.00.
The judge added that his failure to comply with the order would result in him facing a more severe penalty of five years' imprisonment.
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