Justice O. M. Anyachebelu of the Anambra State High Court in Awka has convicted and sentenced Nnaemeka Nwawka, Managing Director of Orient Petroleum Resources Plc, alongside the Sage Nebefeife Foundation, to 14 years imprisonment each over a ₦25 billion fraud case.
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The conviction followed a 10-count charge bordering on stealing, fraudulent conversion, and gratification prosecuted by the Economic and Financial Crimes Commission (EFCC).
According to court findings, Nwawka was accused of diverting company funds through the award of contracts to firms linked to associates, with payments allegedly routed back to him through the foundation for personal use. Evidence presented during the decade-long trial showed multiple financial transfers running into millions of naira moved from corporate accounts into foundation accounts.
Despite pleading not guilty, the court ruled that the prosecution successfully proved its case beyond reasonable doubt after presenting witnesses and documentary evidence.
Justice Anyachebelu subsequently sentenced the defendants to 14 years imprisonment and ordered the refund of ₦140.9 million to Orient Petroleum Resources Plc.
The case originated from a petition filed by businessman Cletus Ibeto, who alleged that his ₦25 billion investment in the company was mismanaged through suspicious contract awards and financial diversions.
The judgment marks the conclusion of a legal battle that lasted over ten years.
