Justice Rosemary Dugbo Oghoghorie of the Federal High Court sitting in Calabar has convicted Uno Michael Eke, the Chief Executive Officer of Micheno Multi-Purpose Cooperative Society, to one year in prison for conspiracy, obtaining property by false pretence, and money laundering, totaling N2 billion (Two Billion Naira).
![](https://thenigerialawyer.com/wp-content/uploads/2024/11/TheNigerialawyer-WhatsApp-Channel1.jpg")
Eke, who had earlier pleaded guilty to four amended charges brought against him by the Economic and Financial Crimes Commission (EFCC), was sentenced after the charges were read to him in court. The charges stemmed from a fraudulent investment scheme involving Micheno Multi-Purpose Cooperative Society, where Eke and others conspired to deceive individuals into investing large sums of money with promises of 80% returns within 40 days.
According to the charges, Eke, alongside the registered trustees of the cooperative and the Vice President, Aya Kanu Aya (who is still at large), defrauded investors by falsely claiming to offer lucrative returns on investments. Between June and August 2018, Eke and his accomplices obtained N2 million from an individual, Kubnse Ogar Ebute, under the pretense of investing in a Swiss golden package with high returns. However, these claims were fraudulent.
The EFCC’s investigation revealed that Eke opened multiple bank accounts in his name and that of the cooperative society, through which he collected an estimated N2 billion from unsuspecting victims. The funds were then used to acquire several properties in Calabar, Cross River State, including land and residential buildings.
Justice Oghoghorie, after considering the guilty plea, the prosecution’s arguments, and the defense’s request for a lighter sentence, convicted Eke and imposed a one-year prison term. However, the convict was also given an option of paying a fine of N2 million. In addition to the sentence, the court ordered Eke to forfeit several assets to the Federal Government of Nigeria. These assets include:
- Twelve 2-bedroom flats located along Goodluck Jonathan Bypass, Calabar
- Two plots of land in Adiabo Ikot Mboout Community, Odukpani Local Government Area, Cross River State
- Two plots of land in Akai Effa, Calabar Municipality, Cross River State
- Eighteen self-contained flats (storey building) located beside the University of Calabar, Ita-Agbor, Calabar
- N10 million in cash recovered during the investigation
Furthermore, the court ordered that all recovered funds be restituted to the victims of the fraud.
The fraud case began when Eke was arrested for his involvement in a scheme that promised unsuspecting investors significant returns on their investments. Eke collected funds from various individuals, many of whom were led to believe that their investments were guaranteed returns of 80% within a short period.
The EFCC investigation revealed that the fraudsters used these funds to acquire luxurious properties, further solidifying their fraudulent operation.
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