N822m Fraud: Court Jails Man, Orders Full Restitution To Victim

A Lagos State Special Offences Court sitting in Ikeja has sentenced Minnis Uchenna Howard to two years and four months imprisonment for fraud involving N822.4 million and ordered him and his company, Howard Minnis Asset Management Limited, to refund the full amount to the victim, Krystal Lubes Limited, the Economic and Financial Crimes Commission has said.

The EFCC disclosed the conviction in a statement posted on its official X page on Friday, stating that Justice R. A. Oshodi delivered the judgment after the defendants pleaded guilty to an amended one-count charge.

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According to the commission, Howard and his company were initially arraigned on November 30, 2023, on a two-count charge bordering on obtaining by false pretence and stealing, to which they pleaded not guilty.

During the trial, the prosecution, led by M. K. Bashir, called four witnesses and tendered several documentary exhibits, while the defence presented two witnesses.

However, the defendants were re-arraigned on July 3, 2026, on an amended one-count charge of stealing, to which they pleaded guilty.

The charge stated: “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.”

Following the guilty plea, the prosecution urged the court to convict the defendants and rely on the evidence already presented during the trial.

Justice Oshodi subsequently convicted Howard and sentenced him to two years and four months imprisonment.

The judge also ordered Howard Minnis Asset Management Limited to pay a fine of N10 million.

In addition, the court directed the defendants to make full restitution of N822,422,260 to Krystal Lubes Limited within one year, in line with the nomination agreement executed by the defendants, their guarantor and the petitioner.

Justice Oshodi further ordered that the N45 million recovered during the EFCC’s investigation be released to the petitioner within seven days.

The EFCC said Howard was convicted for dishonestly converting to his own use N822.4 million paid by Krystal Lubes Limited for the purchase of 900,000 litres of SN900 Base Oil and 500,000 litres of SN500 Base Oil.