Orient Petroleum MD, Foundation Jailed 14 Years Over N25bn Fraud
Awka, Anambra State – An Anambra State High Court has sentenced the Managing Director of Orient Petroleum Resources Plc, Engineer Nnaemeka Nwawka, and the Sage Nebefeife Foundation to 14 years’ imprisonment each over a ₦25 billion fraud conviction, the Economic and Financial Crimes Commission (EFCC) has confirmed.
Justice O. M. Anyachebelu convicted the defendants following a decade-long trial on ten counts of stealing, fraudulent conversion, and gratification after they pleaded not guilty at their arraignment.
Details of the Case
The prosecution, led by the EFCC, presented evidence showing that millions of naira belonging to Vhelbherg International Limited were fraudulently diverted from the company’s Standard Chartered Bank account into the account of the Sage Nebefeife Foundation held at First Bank.
Specifically:
- Between April and December 2012, N82.8 million was moved into the foundation’s account.
- Between January and May 2013, a further N29.6 million was transferred and converted for personal use.
The court found that Nwawka, using his position as managing director, awarded bogus contracts to companies linked to his associates and then siphoned the funds back through his foundation.
Investor Petition and Court Order
The trial stemmed from a petition filed by investor Cletus Ibeto, who claimed he had invested N25 billion in Orient Petroleum Resources Plc. Ibeto alleged that the funds were misused and redirected through suspicious contracts instead of being deployed for legitimate business activities.
Justice Anyachebelu held that the prosecution had established its case beyond reasonable doubt. In addition to the prison sentence, the court ordered both Nwawka and the Sage Nebefeife Foundation to refund N140.9 million to Orient Petroleum Resources Plc.
Significance of the Verdict
This conviction underscores ongoing efforts by Nigerian law enforcement to clamp down on corporate fraud and strengthen accountability in the oil and gas sector—a cornerstone of the country’s economy. With a trial spanning about 10 years, the case highlights both the persistence required in prosecuting high-level economic crimes and the growing role of the EFCC in securing convictions against powerful corporate figures.
The outcome is likely to serve as a warning to corporate executives and their associated organisations about the consequences of financial malfeasance.
