Justice Rahman Oshodi of the Special Offences Court sitting in Ikeja, Lagos, on Tuesday, January 27, 2026, convicted and sentenced Obiesie Elyon Chukwugene and Afolabi Adebayo Olumuyiwa to one year imprisonment each for stealing ₦36,570,000 (Thirty-Six Million, Five Hundred and Seventy Thousand Naira).
The convicts were initially arraigned alongside a firm, D Velvetbox Agro Farm Limited, by the Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 2, on November 21, 2024, on a 15-count charge bordering on stealing.
Count one of the charge reads: “That you, Obiesie Elyon Chukwugene, being the Managing Director of D Velvetbox Agro Farm Limited, a company incorporated in Nigeria, on or about May 27, 2023, in Lagos, within the jurisdiction of this Honourable Court, dishonestly converted to your own use the sum of ₦5,000,000 belonging to Judith Okoli, by falsely representing to her that the money was for investment in poultry farming, whereas you used the money to settle debts owed to other investors.”
Count two reads: “That you, Afolabi Adebayo Olumuyiwa, trading under the name and style of Triple J Farm, a registered business name in Nigeria, on or about March 31, 2023, in Lagos, within the jurisdiction of this Honourable Court, dishonestly converted to your own use the sum of ₦5,000,000 belonging to Judith Okoli, by falsely representing to her that the money was for investment in poultry farming, whereas you used the money to settle debts owed to other investors.”
The defendants initially pleaded not guilty to all the counts, prompting the prosecution to open its case.
During the trial, prosecution counsel, A. M. Dambuwa, called two witnesses and tendered several documents, which were admitted in evidence by the court.
However, during the proceedings, the defendants were re-arraigned on an amended two-count charge, to which they pleaded guilty.
Delivering judgment on Wednesday, Justice Oshodi held that the prosecution proved its case beyond reasonable doubt and found the defendants guilty as charged.
“I find the defendants guilty on the amended information and convict them accordingly. This is the judgment of the court,” the judge ruled.
The court consequently sentenced both convicts to one year imprisonment each, without an option of fine, with effect from November 21, 2024, the date they were remanded in custody.
The court also convicted D Velvetbox Agro Farm Limited, imposing a ₦1,000,000 fine, to be paid through the first convict, Chukwugene, who is the company’s Managing Director.
Justice Oshodi further ordered a joint restitution of ₦5,000,000 to be paid by both convicts within five months.
Additionally, the court ordered that the Toyota Camry recovered from the first convict be forfeited to the petitioner, Judith Okoli, and released to her or any person duly authorised by her.
The court held that the convicts fraudulently collected a total of ₦36,570,000 from the petitioner under the guise of poultry farming investment, but diverted the funds to settle personal debts owed to other investors.
