A Lagos court has delivered judgment in a major fraud case involving a businessman and his company after a huge financial transaction ended in controversy
On Friday, July 10, 2026, Minnis Uchenna Howard and his business, Howard Minnis Asset Management Limited, were found guilty and sentenced for fraud involving N822,422,260 by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission, or EFCC, before Judge R. A. Oshodi of the Lagos State Special Offenses Court in Ikeja, Lagos.
On November 30, 2023, the defendants were first charged with two counts of acquiring by false pretence and stealing, to which they entered a not guilty plea.
The defense summoned two witnesses during the trial, while the prosecution, headed by M. K. Bashir, called four and presented multiple documents as evidence.
The defendants were then re-arraigned on an amended one-count information on July 3, 2026.
The count is as follows:
“That you, Minnis Uchenna Howard and Howard Minnis Asset Management Limited, dishonestly converted to your own use the sum of N822,422,260.00, property of Krystal Lubes Limited, paid to you for the purchase of 900,000 liters of SN900 Base Oil and 500,000 liters of SN500 Base Oil, sometime in 2023 at Lagos, within the jurisdiction of this Honorable Court.”
To the modified accusation, the defendants entered a guilty plea.
Prosecution attorneys requested the court to use the evidence already in front of the court and convict the defendants as charged in light of their plea.
The first defendant, Minnis Uchenna Howard, was found guilty and given a sentence of two years and four months in jail by Justice Oshodi.
A N10 million fine was imposed on Howard Minnis Asset Management Limited, the second defendant.
In accordance with the nomination agreement signed by the defendants, their guarantor, and the petitioner, the court additionally mandated that the defendants pay N822,422,260 in full reparation to the victim, Krystal Lubes Limited, within a year.
Additionally, Justice Oshodi ordered that the petitioner receive the N45 million that was found during the investigation within seven days.
When the convict dishonestly converted N822,422,260.00, which belonged to Krystal Lubes Limited and was given to him for the purchase of 900,000 liters of SN900 Base Oil and 500,000 liters of SN500 Base Oil, he was imprisoned.