Lagos Court Sentences Businessman To 74 Years For N360m Fraud.
A Lagos State High Court in Ajah has sentenced 45-year-old businessman Chukwudi Okonkwo Goodness to 74 years in prison for stealing N360 million and issuing 31 dud cheques, marking a significant step in Nigeria’s battle against financial crime. The ruling, delivered by Justice Josephine Oyefeso on Tuesday, 10 June 2025, concludes a nearly decade-long trial that began in 2016.
Goodness was arraigned by the Lagos Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) in June 2016 on a 33-count charge of theft and fraudulent practices. The charges arose from allegations that, between June and July 2015 in Ikeja, Lagos, he fraudulently converted N360 million belonging to businessman Henry Nnadike. The prosecution, led by T.J. Banjo, presented evidence that Goodness issued 31 dishonoured cheques as part of the scheme.
One of the charges stated: “That you, Chukwudi Okonkwo Goodness, sometime between the months of June and July, 2015, at Ikeja, within the jurisdiction of the Honourable Court, fraudulently converted and stole the sum of N360,000,000.00 (Three Hundred and Sixty Million Naira), property of one Henry Nnadike, and committed an offence of stealing by conversion contrary to Sections 278 and 285 of the Criminal Law of Lagos State, 2011.”
Despite pleading not guilty, Goodness was convicted on 32 of the 33 counts. Justice Oyefeso sentenced him to seven years for the primary charge of stealing, two years for each of the 30 counts of issuing dud cheques, and another seven years for a separate theft charge. The sentences will run concurrently, meaning he will serve a maximum of seven years in prison. The court also ordered Goodness to pay N215 million in restitution to the victim within 30 days, with the possibility of a fine considered upon compliance.
The EFCC celebrated the verdict as a testament to its commitment to tackling economic crimes. “This conviction sends a clear message that crime does not pay,” the agency stated on its official Facebook page. The trial featured testimony from four witnesses and multiple documentary exhibits, with the prosecution proving its case “beyond reasonable doubt,” according to Justice Oyefeso.
The ruling has sparked mixed reactions online. Some Nigerians have praised the judiciary for addressing white-collar crime decisively. “It’s about time we see justice for these scams,” one user commented on X. Others, however, questioned the concurrent sentencing, arguing that seven years may not fully reflect the gravity of the N360 million theft.
This conviction aligns with the EFCC’s ongoing efforts to curb financial fraud in Nigeria, where economic misconduct remains a significant challenge. In 2022, the agency reported over 2,800 convictions for cybercrime. High-profile cases like this one underscore Nigeria’s resolve to hold perpetrators accountable, regardless of their status.
As Nigeria strengthens its anti-corruption measures, the sentencing of Goodness serves as both a deterrent and a reminder of the need for integrity in business dealings. For Henry Nnadike, the victim, the ruling brings a measure of justice after nearly a decade, with hopes that the ordered restitution will offer some financial relief.