The court jails Bizman for 18 months for $2.9 billion fraud

A federal high court in Lagos on Monday sentenced a businessman, Kenneth Amadi, the Chief Executive Officer of IDID Nigeria Limited, to 18 months in jail for N2.9 billion fraud.

Judge Ambrose Lewis-Allagoa delivered the verdict after finding him guilty of counts four and five of the criminal charges brought against him by the Federal Government of Nigeria, through the Office of the Attorney General of the Federation.

The judge ruled that the sentence was without the option of a fine and also ordered that IDID Nigeria Limited be wound up with immediate effect.

Amadi and his company, IDID Nigeria Limited, were taken to court by the government after he defrauded Eunisell of the said amount while he was the chief operating officer of the company.

One of the charges against the defendants includes receiving and obtaining under false pretenses, with intent to defraud, the sum of N2, 900,000,000 belonging to Eunisell Limited of AZ Petroleum Ltd and Ammasco International Ltd; to omit it and record it fully and truthfully in the books and accounts; suppression of data relating to the financial transfer to Eunisell Limited; and exchanging the same amount without authorization to create sufficient deposits to promote the credibility of his own company (IDID Nigeria Limited).

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