David Wealth Ezuzu
& 1 other

N5,458,171,996.95
Amount allegedly defrauded

Case Summary
The accused, (who is the chief executive of Arerben Ventures, an investment company) was alleged to have fraudulently obtained the said sum, from unsuspecting members of the public on the pretext of investment in forex trading.

0
Year(s) case tried in court

Case Update
In view of the defendant plea, the presiding Judge, thereafter, convicted and sentenced the him to three (3) years imprisonment with an option of N2,000,000.00 (Two Million Naira) fine, while his company, was convicted and sentenced to a fine of N2,000,000.00 (Two million Naira). The company is to be wound-up and the balance of N1, 099,503.08 in its account forfeited to the Federal Government through the EFCC for the purpose of restituting the victims of the crime. The judge also ordered the forfeiture of N102, 131.45 in the convict’s business account and five other bank accounts to the Federal Government through the EFCC for the purpose of restituting victims of the crime. The court further ordered that the convict forfeits to the Federal Government through the EFCC for the benefit of the victims of the crime the following properties: 1. . 5 Bedroom duplex and security house situated at Plot 3 Block 7 Kewkagbor Family Layout, Off Ibusa Road, Asaba, Oshimili South LGA, Delta State. 2. Landed property situated at Okotomi Layout, Obadogwugwu Quarters, Okpanam Quarters, Ibusa Road, Asaba, Oshimili North LGA, Delta State. 3. Landed property at Anieluenonu New Layout, Obadogwugwu Quarters, Okpanam, Asaba, Oshimili North LGA, Delta State. 4. 5 Bedroom duplex with bungalow situated at 12 Okwunze Street, Off Stadium Road, Oshimili South LGA, Delta State. 5. Two bungalows of three bedrooms and 2 bedrooms respectively at Obiaje Family land, Off Asaba, Oshimili South LGA Delta State. 6. Landed property, Plot 27 situated at Umayi Umuezeafadia Family land, Okosolo, Asaba-Benin Road in Oshimili South LGA, Delta State. 7. Bungalow situated along R.N. Okonkwo Street, Ogbeowelle Quarters, Okpanam, Oshimili North LGA, Delta State. 8. 26 Hectares of land located at Ngbo Ofuke Village, Asaba, Delta State. 9. Three storey building into 3 places situated at Obduogwu Family.land, Opposite NNPC Filling Station, Asaba, Delta State. 10. A piece or parcel of land measuring approximately 200ft By 200ft ( 1 Acre ) lying and situated at Elibujor ogne- of Layout by Benin - Asaba Expressway. Also ordered forfeited are: one leaflet of Keystone bank manager's cheque valued ( N400,000.00), 13 leaflets of Zenith bank manager's cheques valued at N115,000,000.00 10 leaflets of Guaranty Trust Bank manager's cheaque valued at N61,700,000.00, 28 leaflets of First City Monument Bank manager's cheque valued at N33,550,000.00 and 2 leaflets of UBA manager's cheque valued at 300,000.00

Hon. Justice Efe Ikponwonba
State High Court, Edo

ACJA/ACJL Compliance - complied