Nigeria

Cooperative society promoter convicted for N5m scam

The Economic and Financial Crimes Commission (EFCC), on Tuesday, secured the conviction of Edidiong Udokpoh.

He was arraigned before Justice Achibong O. Achibong of the State High Court in Uyo, Akwa Ibom State, for stealing and converting the sum of N5million cooperative funds to personal use.

The convict pleaded “guilty” to a one count charge.

The offence violates the provisions of Section 392(1) of the Criminal Code CAP 38 volume 11 Laws of Akwa Ibom State of Nigeria 2000 and punishable under section 399 of the same law.

Prosecution counsel, Adebayo Soares tendered as exhibits: a copy of the petition, the defendant’s statement, and Corporate Affairs Commission’s (CAC) response indicating that the cooperative society was not a registered business.

Soares urged the court to convict the defendant as charged, while the defence counsel Dominic Okon prayed for mercy.

Justice Archibong convicted Udokpoh and sentenced him to three months imprisonment with an option of N50,000 fine.

Udokpoh has restituted the N5million to the victim.

He operated ‘Youth Leading In Business Multipurpose Cooperative’.

The petitioner, Idorenyin Umana, recalled that the convict introduced a business plan to him, with a lifespan of 12 months, and an accrual interest of 5 percent every 60 days.

Umana said the idea looked good to him, so he transferred N5million to Udokpoh cooperative’s First Bank account.

He reported the matter to the EFCC in 2019 when nothing was heard about both his capital and purported interest.

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