Kenneth Ndubuisi Amadi, the Chief Executive Officer (CEO) of ABD Energy Solution Ltd., was found guilty of fraud involving N2.9 billion on Monday and given a sentence of 18 months in jail by Justice Ambrose Lewis-Allagoa of a Federal High Court in Ikoyi, Lagos.
After finding Amadi guilty of the criminal charges brought against him by the Federal Government of Nigeria (FGN) through the office of the Attorney General of the Federation, the judge sentenced him to 18 months in jail, to be served concurrently (AGF).
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He was punished specifically for misrepresenting the act of submitting his company’s account to A-Z Petroleum Ltd. and Ammasco Ltd. for them to act upon as genuine, to the detriment of EUNISELL Ltd., his employers, where he held power as the Chief Executive Officer (CEO), and for failing to make a complete and accurate entry in the books and accounts of the business.
Additionally, Justice Allagoa determined that a fine is not an option for the sentence and further ordered that IDID Nigeria Limited, the business used to perpetrate the crime, be liquidated at once.
The court heard a case against Kenneth Amadi and IDID Nigeria Limited for conspiracy and N2.9 billion worth of fraud.
