Orient Petroleum MD, foundation jailed 14 years over N25bn fraud

The Anambra State High Court has sentenced the Managing Director of Orient Petroleum Resources Plc, Engineer Nnaemeka Nwawka, and the Sage Nebefeife Foundation to 14 years’ imprisonment each for stealing N25 billion, conversion, and gratification.

Justice O. M. Anyachebelu convicted the duo, according to a statement issued by the Economic and Financial Crimes Commission (EFCC) on Friday.

Nwawka’s prosecution and conviction were based on a petition by one of the investors in his company, Chief Cletus Ibeto.

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Ibeto had petitioned the Commission, alleging that he invested the sum of N25 billion into Orient Petroleum Resources Plc, but Nwawka, through the award of suspicious and bogus contracts to his friends’ companies, allegedly siphoned most of the money back through his Sage Nebefeife Foundation.

**What They Are Saying **

• The defendants were charged with 10 counts bordering on stealing, conversion, and gratification.

_Count one reads: _

• _“That you NNAEMEKA NWAWKA, JUDE ANNIEKWE CYRIL and THE REGISTERED TRUSTEES OF SAGE NEBEIFE FOUNDATION, sometime between 23rd April and 21st December 2012 in Anambra State, within the jurisdiction of this Honourable Court, fraudulently converted to your personal use the aggregate sum of N82,856,934 (Eighty-Two Million, Eight Hundred and Fifty-Six Thousand, Nine Hundred and Thirty-Four Naira) only, which sum was transferred from Vhelbherg International Limited’s company account domiciled in Standard Chartered Bank, Account No. 0000777216, into the account of Sage Nebeife Foundation domiciled in First Bank, Account No. 2017452111.” _

**Count two reads: **

• _“That you NNAEMEKA NWAWKA, JUDE ANNIEKWE CYRIL and THE REGISTERED TRUSTEES OF SAGE NEBEIFE FOUNDATION, sometime between 8th January and 24th May 2013 in Anambra State, within the jurisdiction of this Honourable Court, fraudulently converted to your personal use the aggregate sum of N29,620,733 (Twenty-Nine Million, Six Hundred and Twenty Thousand, Seven Hundred and Thirty-Three Naira) only, which sum was transferred from Vhelbherg International Limited’s company account domiciled in Standard Chartered Bank, Account No. 0000777216, into the account of Sage Nebeife Foundation domiciled in First Bank, Account No. 2017452111.” _

Upon arraignment, the defendants pleaded not guilty to the charges, prompting the EFCC, through its counsel, Victor Ukagwu, to proceed to a full trial, which, according to the Commission, “lasted ten years.”

The EFCC stated that it called four witnesses and tendered several pieces of documentary evidence, which were admitted and marked as Exhibits P1 to P24.

• _“The evidence showed how Nwawka ensured that contracts were awarded to his friends’ companies from Orient Petroleum Resources Plc, how monies were paid to the companies and eventually returned to him through his foundation, and how he withdrew the said monies and used them for his personal needs,” the statement partly read. _

Counsel to the first and third defendants, U. N. Udechukwu, SAN, and counsel to the second defendant, E. S. C. Obiora, SAN, defended their clients, explaining how the contracts were handled.

• Delivering the verdict, Justice Anyachebelu found two of the defendants guilty and convicted them accordingly.
• According to the EFCC, “the court held that the prosecution proved its case beyond a reasonable doubt and therefore sentenced Nwawka and his foundation to 14 years’ imprisonment.”
• The court also ordered the convict and his foundation to refund the sum of N140,900,000 to Orient Petroleum Resources Plc.

**What You Should Know **

The conviction adds to the list of favourable court outcomes recorded by the EFCC.

In October 2025, President Bola Ahmed Tinubu revealed that the EFCC had recovered N500 billion and secured over 7,000 convictions under his administration, commending the leadership of Chairman Ola Olukoyede for the achievements.

The commendation came during Tinubu’s keynote address at the 7th EFCC-NJI Capacity Building Workshop for Justices and Judges held on Monday, October 20, 2025, at the National Judicial Institute, Abuja.

Represented by Vice President Kashim Shettima, the President highlighted:

• _“The EFCC, for example, has recorded over 7,000 convictions in the first two years of the present administration and recovered assets in excess of Five Hundred Billion Naira. Recovered proceeds of crime by the agency have been ploughed back into the economy to fund critical social investment programmes, including the Students’ Loan and Consumer Credit schemes.” _

The EFCC’s 2024 annual performance report showed that the agency recovered N364.5 billion and $326.5 million, alongside other foreign currencies and assets, while securing 4,111 convictions across various courts within the year.

The Commission also recorded increased public engagement, with 15,724 petitions submitted. Of these, 12,928 were investigated, and 5,081 cases were filed in court, reflecting a nearly 48 per cent year-on-year increase in court filings, while convictions rose by more than 53 per cent compared to 2023.

The report highlighted substantial asset recoveries, including over 750 duplexes and apartments, numerous parcels of land, high-value vehicles, cryptocurrency wallets, and other movable assets linked to corruption and financial crimes.