Justice O.M. Anyachebelu of the Anambra State High Court, Awka, on Thursday sentenced the Managing Director of Orient Petroleum Resources Plc, Mr. Nnaemeka Nwawka, and the Registered Trustees of Sage Nebefeife Foundation to 14 years in prison each for defrauding investors of ₦25 billion.

The defendants were found guilty on a 10-count charge including stealing, fraudulent conversion, and gratification. The court heard that between April and December 2012, the convicts diverted ₦82.8 million from Vhelbherg International Limited’s Standard Chartered Bank account into the foundation’s First Bank account. Between January and May 2013, an additional ₦29.6 million was similarly siphoned for personal use.

Despite pleading not guilty, the Economic and Financial Crimes Commission (EFCC), represented by Mr. Victor Ukagwu, presented four witnesses and over 20 documentary exhibits during a decade-long trial. Evidence showed that Nwawka awarded contracts from Orient Petroleum Resources Plc to companies linked to his associates, with payments later routed back to him through the foundation.

Defence counsels, Mr. U.N. Udechukwu (SAN) and Mr. E.S.C. Obiora (SAN), argued that contracts were executed through legitimate channels. However, Justice Anyachebelu ruled that the prosecution had proven its case beyond reasonable doubt.

In addition to the prison term, the court ordered Nwawka and the foundation to refund ₦140.9 million to Orient Petroleum Resources Plc. The EFCC’s investigation followed a petition by investor Chief Cletus Ibeto, who alleged that his ₦25 billion investment had been misappropriated through suspicious contract awards and channeled back to the managing director via the foundation.