MD convicted for defrauding partner N6.6m

Juliana Francis 

The chairman and managing director of Anomak Hope Ventures Limited, Walford Ezemalu, has been convicted for allegedly diverting his partner’s N6.6m.

The convict was arraigned by the Economic and Financial Crimes Commission, EFCC, Enugu Zonal Office, before Justice O.A. Adegbehingbe of the Ondo State High Court.

Ezemalu faced a two-count charge, bordering on stealing to the tune of N6,630,000.00, for which he received 14-year jail term of seven years each, to run concurrently, without option of fine.

His company, Anomak Hope Ventures Limited, second defendant, was discharged and acquitted.

The EFCC spokesman, Wilson Uwujaren, while confirming Ezemalu’s conviction, said: “Ezemalu's road to jail began when Nnolum, Managing Director of B.O. Nnolum and Sons Limited, an independent petroleum marketer,  petitioned the EFCC, alleging that his company sometime in 2017 had an agreement with the convict to sell 33,000 litres of Automotive Gasoline Oil (AGO, diesel), at the rate of N200 per litre.

“Nnolum said that the agreement with the convict was to pay the money into his (plaintiff's) company's account, but the convict, on selling the product, asked the buyer to pay the money into his, Anomak Hope Ventures Limited account. The petitioner further alleged that after the sum of N6,630,000.00 was paid into the convict’s company account, the convict being the sole signatory to the account, diverted the said money to his personal use.”

One of the charges reads: "That you Walford Ezemalu, being a director of Anomak Hope Ventures Limited, sometime in March, 2017, in Akure, Ondo State, within the jurisdiction of the Ondo State High Court did commit felony to wit: stealing by fraudulently converting to your personal use the sum of N5,000,000.00 only, property of B.O Nnolum and Sons Limited, which was paid to your company account, 0030440354, domiciled in Diamond Bank and thereby committed an offence contrary to Section 390 of the Criminal Code Law Cap 37 Vol.1 Laws of Ondo State and punishable under Section 390(9) of the same Law."

Ezemalu was arraigned by the EFCC, alongside his company, Anomak Hope Ventures Limited on March 18, 2019. He pleaded not guilty to the charges, prompting full blown trial. He was convicted and sentenced on August 8, 2019.