Share this story:

The Economic and Financial Crimes Commission has secured the conviction of one Emeka Ekwunife on an 8-count charge of stealing by fraudulent conversion.

Ekwunife was arraigned at Lagos State Special Offences Court, Ikeja on Thursday, 14th of July.

It was gathered that the suit, “Federal Republic of Nigeria Vs. Chukwuemeka Ekwunife & Structured Energy Limited” which has been in court since 2016 finally came to an end today after the embattled businessman was found guilty on 6 charges and sentenced to 10 years imprisonment with option of N50m fine by the Presiding judge, Justice S. Solebo.

Further checks has revealed that Ekwunife has previously been remanded in prison custody over an alleged theft of N434.1 million.


According to the EFCC, Ekwunife alongside his company, Structured Energy Ltd, were alleged to have on November 19 2013, dishonestly converted the sum of N99.6million to personal use, the property of Napal Oil and Gas Services ltd.

Between June 4, 2015 and October 28 2013, Ekwenife converted the sum of N85‎million and N3million to his personal use property of Nepal Oil and Gas ltd.

The defendant between November 4th, and 7th 2014, converted the sum of N3.5million‎, to his personal use property of Nepal Oil and Gas. The commission further stated that the defendant alongside his company on November 28th 2013, converted the ‎sum of N130million to his personal use.

The commission also disclosed that ‎the defendant and his company stole the sum of N25million and in June 24, 2015, the sum of N88 million was also stolen by the defendant. According to the EFCC, the offence was punishable under sections 285 (1), 278 (b), of the criminal laws of Nigeria.