Nigeria, May 15 -- The Special Offences Court in Lagos State has convicted a businessman, Kingsley Obasi, of fraud involving $247,390.

In a judgement delivered Thursday, trial judge Mojisola Dada sentenced Mr Obasi to seven years' imprisonment but with an option of N5 million fine after finding Mr Obasi and his company, Great King Parkson Industrial Company, guilty of stealing.

The Economic and Financial Crimes Commission (EFCC) had arraigned Mr Obasi and the company on 22 February 2023 on one count of stealing, contrary to Section 287(9)(b) of the Criminal Law of Lagos State, 2011.

According to the anti-graft agency, the defendants dishonestly converted proceeds from the sale of car batteries supplied by Vasworld Power Company Nigeria...