Lagos Court Jails Two for N36.57m Poultry Investment Fraud
Justice Rahman Oshodi of the Special Offences Court sitting in Ikeja, Lagos, has sentenced Obiesie Elyon Chukwugene and Afolabi Adebayo Olumuyiwa to one year imprisonment each for stealing N36.57 million under the guise of poultry investment.
The duo were convicted on Tuesday, January 27, 2026, after pleading guilty to an amended two-count charge filed by the Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 2. They were initially arraigned on November 21, 2024, alongside their company, D Velvetbox Agro Farm Limited, on a 15-count charge bordering on stealing.
According to the EFCC, Chukwugene, the Managing Director of D Velvetbox Agro Farm Limited, and Olumuyiwa, who trades under Triple J Farm, dishonestly obtained funds from Judith Okoli by representing that the money would be invested in poultry farming. Instead, the funds were used to settle debts owed to other investors.
During trial, the prosecution, led by A. M. Dambuwa, called two witnesses and tendered several documents as exhibits. However, the defendants were later re-arraigned on amended charges, to which they pleaded guilty.
In his judgment, Justice Oshodi held that the prosecution proved its case beyond reasonable doubt and convicted the defendants accordingly. He sentenced both men to one year imprisonment each, without an option of fine, effective from November 21, 2024, when they were first remanded.
The court also convicted D Velvetbox Agro Farm Limited and imposed a fine of N1 million, to be paid through Chukwugene. In addition, the judge ordered the joint payment of N5 million as restitution to the petitioner within five months.
Justice Oshodi further ordered the forfeiture of a Toyota Camry recovered from Chukwugene to the victim, Judith Okoli, directing that the vehicle be released to her or her authorised representative.
The convicts were found guilty of dishonestly collecting N36.57 million from the petitioner under false pretences of poultry investment, an act that ultimately led to their conviction and imprisonment.
