A Special Offences Court in Ikeja, Lagos, has handed down a prison sentence to Minnis Uchenna Howard and imposed a fine on his business, Howard Minnis Asset Management Limited. The sentencing follows their involvement in the fraudulent misappropriation of N822,422,260 intended for an oil procurement deal.
The Economic and Financial Crimes Commission (EFCC), through its Lagos Zonal Directorate 1, secured the conviction before Justice R. A. Oshodi. The defendants originally faced charges of stealing and obtaining funds under false pretenses after being arraigned in late 2023. Although they initially denied the allegations, they eventually entered a guilty plea to an amended single-count charge on July 3, 2026.
The evidence revealed that the defendants had withheld funds provided by Krystal Lubes Limited for the purchase of 900,000 liters of SN900 and 500,000 liters of SN500 base oil. Justice Oshodi sentenced Howard to two years and four months in prison and ordered his company to pay a N10 million fine. Furthermore, the court mandated that the full sum of N822,422,260 be repaid to the victim within one year. Additionally, the judge ordered the immediate release of N45 million recovered during the investigation to Krystal Lubes Limited within one week.
