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How Sokoto man Ahmad defrauded 12 victims of N325m with fake investment deals

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How Sokoto man Ahmad defrauded 12 victims of N325m with fake investment deals

Abubakar Ahmad

Published By: Ayorinde Oluokun

A Sokoto man, Ahmad Abubakar Ahmad has been sentenced to 87 years imprisonment for defrauding 12 people of various sums of money under the guise of investments in his purported bureau de change business.

According to the EFCC Ahmad also promised his victims between 50% to 100% interests on their investments monthly, but he neither offered them any return on their investment nor refunded their money.

EFCC alleged that Ahmad defrauded his victims over N325 million through the fraudulent scheme.

EFCC identified some of the major victims of Ahmad’s scam including one Usama Abdullahi who gave him the sum of N80 million for investment and Najib Hamza, who also gave him N50 million for the same purpose.

Upon arraignment, Ahmad pleaded guilty to all the 12 counts charges preferred against him prompting EFCC’s coiunsel, Kufre Ekpeyoung to pray the court to convict him accordingly.

However, the defence counsel, Hamza Liman pleaded for a lighter sentence for his client “in view of the fact that he is a first-time offender”

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Justice Dogondaji thereafter convicted and sentenced Abubakar to 87 years imprisonment with an option of fine of N200,000.00 (Two Hundred Thousand Naira) on each count totalling N2,400.000.00 (Two Million Four Hundred Thousand Naira).

He also ordered restitution of N225,661,000 (Two Hundred and Twenty Five Million Six Hundred and Sixty One Thousand Naira) to all the petitioners, through the EFCC.

One of the charges reads: “That you Abubakar Ahmad Abubakar sometime in October, 2022 in Sokoto within the Judicial Division of the High Court of Justice Sokoto State, while being entrusted with property to wit: the total sum of N80,100,000.00 (Eighty Million One Hundred Thousand Naira) by one Usama Abdullahi for the purpose of Bureau de Change business; you dishonestly converted the said property/sum to your personal use in violation of the mode in which the trust was to be discharged and you thereby committed the offence of Criminal Breach of Trust contrary to Section 300 of the Sokoto State Penal Code Law 2019 and punishable under Section 301 of the same Law”.

Another charge reads: “That you Abubakar Ahmad Abubakar sometime in March, 2023 in Sokoto within the Judicial Division of the High Court of Justice Sokoto State, while being entrusted with property to wit: the total amount of N50,000,000.00 (Fifty Million Naira) by one Najib Hamza for the purpose of Bureau de Change business; you dishonestly converted the said property/sum to your personal use in violation of the mode in which the trust was to be discharged and you thereby committed the offence of Criminal Breach of Trust contrary to Section 300 of the Sokoto State Penal Code Law 2019, and punishable under Section 301 of the same Law”.

He was jailed on Thursday, October 5, 2023 after pleading guilty to 12- count charges bordering on criminal breach of trust and obtaining by false pretence .

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