Businessman Sentenced to 12 Years in Prison for $1.4 Million Fraud in Lagos

In a landmark judgment, Justice R. A. Osodi of the Special Offences Court in Ikeja, Lagos, has sentenced a businessman, Kolawole Erinle, to twelve (12) years in prison for his involvement in a $1.4 million fraud case. The conviction comes after a lengthy legal process that spanned several years.

Kolawole Erinle, along with his company, Rinde-Remdex Nigeria Limited, initially faced charges in front of Justice Oluwatoyin Taiwo of the Special Offences Court in March 2022. However, due to unforeseen circumstances, the trial could not be concluded before Justice Taiwo’s retirement, leading to the case’s re-assignment to Justice Osodi.

On October 28, 2022, Erinle was re-arraigned before Justice Osodi on three counts, including conspiracy, retention of proceeds of criminal conduct, and obtaining money under false pretense to the tune of $1,410,000 (One Million Four-Hundred and Ten Thousand United States Dollars).

One of the charges detailed the offense: “Kolawole Adedayo Erinle and Edward Dada (still at large), sometime in 2019, at Lagos, within the jurisdiction of this Honourable Court, conspired to falsely represent yourselves as J.E. Dunn, a local construction company in America, with intent to gain monetary advantage in the sum of $1,410,000 (One Million Four-Hundred and Ten Thousand United States Dollars) by creating a fake domain name http://jedunn.org and thereby committed an offense contrary to Section 8 of the Advance Fee Fraud and Other Related Offences Act No 14, 2006.”

Another count addressed Erinle’s role in retaining control of the $1,410,000 proceeds of various internet and cybercrimes.

Throughout the trial, the prosecution, led by T.J. Banjo, presented four witnesses and extensive documentary evidence to substantiate the charges against Erinle and his company. Notably, evidence emerged that Erinle was an ex-convict in the United States, with a history of bank fraud.

Justice Osodi revoked Erinle’s bail on February 10, 2023, after it was revealed that he had not met the bail conditions previously set by Justice Taiwo. Following the closure of the prosecution’s case, Erinle took the stand to defend himself, denying the allegations against him.

However, under cross-examination, he admitted to being an ex-convict in the US and expressed a willingness to make restitution, stating, “I am sorry.”

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In delivering the verdict on September 26, 2023, Justice Osodi found Erinle and his company guilty of the charges, citing evidence that Erinle had spoofed the email address of a financial controller of J.E. Dunn and engaged in a premeditated act of deception. The judge also considered the aggravating factors, including Erinle’s previous conviction for bank fraud in the US.

Consequently, Kolawole Erinle was sentenced to five years on one count and twelve years on another, with the sentences to run concurrently from February 10, 2023, when he was remanded in custody.

Additionally, Rinde-Remdex Nigeria Limited was fined N50 million, ordered to be wound up by the Corporate Affairs Commission (CAC), with the proceeds forfeited to the Federal Government of Nigeria. The convicts were also directed to make restitution to the victim.

Furthermore, the judge ruled that all properties and vehicles recovered from Erinle and his company by the EFCC should be sold, with the proceeds applied toward restitution for the victim through the FBI.

Erinle’s journey to incarceration began with allegations of defrauding the Kansas City University of Medicine and Biosciences (KCUMB) in the United States of approximately $1,412,509. After a full trial, he was ultimately convicted and sentenced.

Credit: EFCC Nigeria X-handle, @officialEFCC