Justice O. M. Anyachebelu of the Anambra State High Court sitting in Awka has convicted and sentenced Engineer Nnaemeka Nwawka, the Managing Director of Orient Petroleum Resources Plc, along with the Registered Trustees of Sage Nebefeife Foundation, to 14 years’ imprisonment each.
The conviction follows a 10-count charge brought by the Economic and Financial Crimes Commission (EFCC) involving allegations of stealing, fraudulent conversion of funds, and gratification.
The case, which stemmed from a petition by prominent investor Chief Cletus Ibeto, centered on claims that approximately ₦25 billion invested in the company was misappropriated through irregular contract awards and subsequent fund diversions.
The decade-long trial featured testimony from four prosecution witnesses and the admission of 24 documentary exhibits.
Evidence presented showed that Nwawka facilitated the awarding of contracts from Orient Petroleum to companies linked to his associates.
Funds paid to these entities were allegedly channeled back to the Sage Nebefeife Foundation account, from where they were withdrawn for personal purposes.
Notable examples included the transfer of ₦82.86 million between April and December 2012, and ₦29.62 million between January and May 2013, from a related company’s account to the foundation.
Despite robust defenses presented by senior counsel for the accused, including arguments defending the propriety of the contract processes, the court found that the prosecution had proved its case beyond reasonable doubt.
In addition to the 14-year custodial sentences, Justice Anyachebelu ordered the convicts to make restitution of ₦140.9 million to Orient Petroleum Resources Plc.
The judgment underscores ongoing efforts to address financial misconduct in corporate and investment dealings in Nigeria.
