*As man docked for alleged N423m fraud in Lagos
WorldStage Newsonline– The Economic and Financial Crimes Commission (EFCC), Abuja Zonal Directorate has secured the conviction and sentence of one Jonathan Wallang before Justice Hamza Muazu of the Federal Capital Territory, FCT, High Court sitting in Maitama Abuja, for defrauding the Cooperative Society of the Nigeria Liquefied Natural Gas (NLNG), the sum of N700,000, 000.
He was jailed after a full trial lasting 10 years upon being arraigned by the EFCC on seven-count charges bordering on obtaining money by false pretence.
Count six of the charges reads, “That you Jonathan Wallang, being the Managing Director of Swift and Hay Limited on or about the 20th October 2011 in Abuja within the jurisdiction of the High Court of the Federal Capital Territory, Abuja with intent to defraud obtained the sum of N520,000,000 from the NLNG Staff Bonny Cooperative Investment and Credit Society Limited through Dinijocs Nigeria Limited paid into Swift and Hay Limited First Bank Account No:2016419957 under the pretext of selling a plot of land viz: Plot No1 Idu-Sabo District, Cadastral Zone D04, measuring 643398 Hectares covered by File no: MISC 106282 belonging to Larix Company Limited which you had no authority to sell and thereby committed an offence contrary to Section 1(1) (a) of the Advance Fee Fraud Related Offences Act,02006 and punishable under Section 1 (3) of the same Act”
Count seven reads, “That you Jonathan Wallang being the Managing Director of Swift and Hay Limited on or about the 3rd November 2011 in Abuja within the jurisdiction of the High Court of the Federal Capital Territory, Abuja with the intent to defraud obtained the sum of N130,000,000 only from the NLNG Staff Bonny Cooperative Investment and Credit Society Limited through Dinijocs Nigeria Limited paid into Swift and Hay Limited First Bank Account No:2016419957 under the pretext of selling a plot of land viz: Plot No1 Idu-Sabo District, Cadastral Zone D04, measuring 643398 Hectares covered by File no: MISC 106282 belonging to Larix Company Limited which you had no authority to sell and thereby committed an offence contrary to Section 1(1) (a) of the Advance Fee Fraud Related Offences Act, 2006 and punishable under Section 1 (3) of the same Act”
The defendant pleaded not guilty when the charges were read to him, paving way for his full trial that lasted 10 years.
the 1st defendant, one Emeka Iloegbunam was discharged and acquitted. However, Jonathan Wallang was found guilty and convicted.
Justice Muazu, while delivering judgment, convicted and sentenced Wallang to seven years imprisonment without an option of fine.
He was convicted on counts 1, 2 and 3 bordering on conspiracy and forgery and sentenced to two years imprisonment with an option of fine of N200, 000 (Two Hundred Thousand Naira) each.
He was also convicted on counts 6 and 7 bordering on obtaining money by false pretense and sentenced to seven years imprisonment without an option of fine.
The judge also ordered that the convict restitute the sum of N580, 000,000 to NLNG Staff Bonny Cooperative Investment and Credit Society Limited.
Wallang’s journey to Kuje Correctional Center began in 2015 when Nigeria Liquefied Natural Gas NLNG Cooperative Society’s petitioned the EFCC regarding the convict and three others who connived to defraud the Cooperative of the sum of N700,000,000 in the guise of securing landed properties for it in the Federal Capital Territory.
ALLEGED N423M FRAUD IN LAGOS
The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission, EFCC, on Thursday, July 31, 2025, arraigned one Abiodun Maccarthy before Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos.
He was arraigned on a four-count charge bordering on stealing and forgery to the tune of N423, 000, 000.00 (Four Hundred and Twenty Three Million Naira, ) an offence contrary to Section 278 and 361 (1) of the Criminal Law of Lagos State 2011.
Count one reads: “ABIODUN MACCARTHY, sometime in 2018 at Lagos, within the jurisdiction of this Honourable Court, dishonestly converted to your own use the sum of N423, 000, 000.00 (Four Hundred and Twenty-Three Million Naira only), money which forms part of N650,000.000 (Six Hundred and Fifty Million Naira) paid to you by Great Endurance Bureau De Change for fixed deposit investment with Polaris bank, while you were in their employ”.
Count two reads : “ABIODUN MACCARTHY, sometime in 2018 at Lagos, within the jurisdiction of this Honourable Court, with intent to defraud, forged a Polaris Bank Plc fixed deposit investment certificate with slip no. 332540 and issued same to Great Endurance Bureau De Change as evidence of investment”.
He pleaded “not guilty” to the charge preferred against him.
In view of his plea, prosecution counsel, B. M. Isah, asked the court for a trial date and also prayed the court to order the remand of the defendant in a Correctional Centre.
Consequently, Justice Dada adjourned the case till October 22, 2025 and also ordered the remand of the defendant in a Correctional Centre.
