N2.9bn Fraud: Court Jails Firm Chief, Kenneth Amadi, 18 Months

Chief executive officer (CEO), ABD Energy solution Ltd, Kenneth Ndubuisi Amadi, was today, convicted, and sentenced to 18 months imprisonment by Justice Ambrose Lewis-Allagoa of a Federal High Court in Ikoyi, Lagos, as a result of his involvement in fraud to the tune of N2.9 billion.

The judge convicted Amadi for 18 months imprisonment, to run concurrently, after finding him guilty of criminal charge made against him by the Federal Government of Nigeria (FGN), through the office of the Attorney General of the Federation (AGF).

Specifically, he was sentenced for conversion of the act of nominating the account of his company to customers, A-Z Petroleum Ltd and Ammasco Ltd, for them to act upon as genuine to the prejudice of EUNISELL Ltd, his employers, where he held sway as the Chief Executive Officer (CEO), and failure to make a full and true entry in the books and accounts of the company.

 Justice Allagoa also ruled that the sentencing is without an option of a fine, and equally ordered that IDID Nigeria Limited, the company used in committing the crime be liquidated with immediate effect.

Kenneth Amadi and his company, IDID Nigeria Limited, were tried before the court for conspiracy and fraud to the tune of N2.9 billion.