Published 7th Jul, 2022

By Joseph Adeiye

The Economic and Financial Crimes Commission (EFCC) secured the conviction of David Wealth Ezuzu, the chief executive of D.W. Arerben Global Investment, before Justice Efe Ikponmwonba of the Edo State High Court, Benin City, on Tuesday.

The Benin Zonal Command of the EFCC had arraigned Ezuzu on a charge of obtaining funds by false pretence.

Ezuzu took N5 billion from unsuspecting persons on the pretext that he was helping them invest in forex trading.

Ezuzu pleaded guilty to the charge and Francis Jirbo, the prosecution counsel, prayed the court to convict and sentence him accordingly.

JUDGEMENT

Ikponmwonba convicted and sentenced Ezuzu to three years imprisonment with an option of N2 million fine. The High Court also ordered D.W. Arerben Global Investment to pay N2 million penalty.

According to the EFCC, Ezuzu’s company is to be wound-up, and its N1,099,503.08 revenue forfeited to the federal government through the EFCC for the purpose of restituting the victims of the crime.

The judge also ordered the forfeiture of N102,131.45 in the defendant’s business account and five other bank accounts. A five-bedroom duplex and security house, landed property situated at Okotomi Layout, landed property at Anieluenonu New Layout, a five-bedroom duplex with bungalow situated at Oshimili South LGA, two bungalows of three bedrooms and two bedrooms, an acre of land along Benin-Asaba Expressway, landed property at Umayi Umuezeafadia family land, a bungalow and 26 hectares of land in Asaba and a trio of three storeyed buildings in Delta State, all belonging to Ezuzu, will also be forfeited.

All what Ezuzu forfeits to the Federal Government through the EFCC will serve as restitution to the victims of his crime.

Ikponmwonba ordered more forfeitures in cheques. The cheques include one leaflet of a Keystone Bank manager’s cheque valued at N400,000, 13 leaflets of Zenith Bank cheque valued at N115,000,000, 10 leaflets of Guaranty Trust Bank (GTB) cheque valued at N61,700,000, 28 leaflets of First City Monument Bank cheque valued at N33,550,000 and two leaflets of United Bank for Africa (UBA) cheque valued at N300,000.

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