A Lagos State Special Offences Court sitting in Ikeja has convicted and sentenced Minnis Uchenna Howard and his company, Howard Minnis Asset Management Limited, over the fraudulent conversion of N822,422,260 meant for the purchase of base oil.
The conviction followed the successful prosecution of the case by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) before Justice R. A. Oshodi on Friday.
The anti-graft agency said in a statement that the defendants were initially arraigned on November 30, 2023, on a two-count charge bordering on obtaining by false pretence and stealing. They, however, pleaded not guilty when the charges were first read to them.
During the trial, the prosecution, led by M. K. Bashir, called four witnesses and tendered several documents as exhibits, while the defence presented two witnesses.
The EFCC said the defendants were later re-arraigned on July 3, 2026, on an amended one-count charge.
The charge read: “That you, Minnis Uchenna Howard and Howard Minnis Asset Management Limited, sometime in 2023 at Lagos, within the jurisdiction of this Honourable Court, dishonestly converted to your own use the sum of N822,422,260.00, property of Krystal Lubes Limited, paid to you for the purchase of 900,000 litres of SN900 Base Oil and 500,000 litres of SN500 Base Oil, thereby committing an offence contrary to Section 285(1) of the Criminal Law of Lagos State, 2011.”
The defendants pleaded guilty to the amended charge.
Following the guilty plea, prosecution counsel urged the court to convict the defendants as charged and rely on the evidence already presented before the court.
In his judgment, Justice Oshodi convicted the first defendant, Minnis Uchenna Howard, and sentenced him to two years and four months’ imprisonment.
The court also fined the second defendant, Howard Minnis Asset Management Limited, N10 million.
Justice Oshodi also ordered the defendants to refund the full sum of N822,422,260 to the victim, Krystal Lubes Limited, within one year, in line with the nomination agreement signed by the defendants, their guarantor and the petitioner.
The judge further directed that the N45 million recovered during the investigation be released to the petitioner within seven days.
The EFCC said Howard was convicted after he dishonestly converted N822,422,260 belonging to Krystal Lubes Limited, which had been entrusted to him for the purchase of 900,000 litres of SN900 Base Oil and 500,000 litres of SN500 Base Oil.
