Justice Mojisola Dada of the Lagos State Special Offences Court sitting in Ikeja, Lagos, on Thursday, May 14, 2026, convicted and sentenced a businessman, Kingsley Obasi, to seven years imprisonment over a $247,390 fraud case, in a ruling that also affected his firm, Great King Parkson Industrial Company.
Obasi was arraigned alongside his company by the Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 1, on February 22, 2023, on a one-count charge bordering on stealing, contrary to Section 287(9)(b) of the Criminal Law of Lagos State, 2011.
The anti-graft agency confirmed the development in a post shared on its official X handle on Thursday, May 14, 2026.
Delivering judgment, the court found the defendant guilty of the charge and sentenced him to seven years imprisonment for his role in the fraudulent transaction involving $247,390.
While details of the full trial proceedings were not immediately exhaustively disclosed in the court’s brief summary, the EFCC had earlier linked Obasi and his firm to financial crimes under investigation, alongside other related probes into illicit cash movements and suspected laundering activities within Lagos.
In a separate but related development previously reported, the EFCC had also commenced investigations into an alleged money laundering case involving the seizure of $79,150 at the Murtala Muhammed International Airport, Ikeja, Lagos.
The commission disclosed that operatives of its Lagos Zonal Directorate 1 were probing the circumstances surrounding the cash seizure and the activities of two suspects identified as Anih Shadrach Friday and Chukwukezie Vincent Ndonna.
According to the EFCC, the suspects were arrested by operatives of the National Drug Law Enforcement Agency (NDLEA), in collaboration with officers of the Nigeria Customs Service (NCS) at the international airport in Lagos.
In a statement issued by the commission, it said, “Operatives of the Lagos Zonal Directorate 1 of the EFCC have commenced investigations into the alleged money laundering case involving $79,150 (Seventy-Nine Thousand, One Hundred and Fifty United States Dollars) against the duo of Anih Shadrach Friday and Chukwukezie Vincent Ndonna.”
The agency further stated that the suspects were intercepted during a joint operation involving anti-narcotics and customs officials stationed at the airport.
“The suspects were arrested by operatives of the National Drug Law Enforcement Agency (NDLEA), in collaboration with the Nigeria Customs Service, NCS, at the Murtala Muhammed International Airport, Ikeja, Lagos,” the statement added.
Although the EFCC did not immediately disclose the exact circumstances under which the money was discovered, it said investigations were ongoing to determine the source of the funds, intended destination, and possible violations of Nigeria’s anti-money laundering laws.
Under Nigerian law, travellers are required to declare cash or negotiable instruments above approved thresholds when entering or leaving the country.
Failure to comply can lead to prosecution for money laundering and other financial offences.
