Lagos court sentences Ogun student to 14 years for fraud

Justice Rahman Oshodi of the Ikeja Special Offences Court has sentenced David Ugboko, a 27-year-old student from the Federal University of Agriculture, Abeokuta, to 14 years in prison. Ugboko was found guilty of defrauding investors in a Ponzi scheme that took N27.5 million from them.

The judge announced the sentence on Wednesday after Ugboko was convicted on 10 counts. These included conspiracy, obtaining money by false pretence, and keeping the proceeds of crime.

The Economic and Financial Crimes Commission (EFCC) told the court that Ugboko tricked over 500 investors out of more than N1 billion. He used money from new investors to pay older ones instead of investing it as he promised.

Instead of putting the money to good use, the EFCC said he spent it on personal things. This included buying a 2006 Mercedes-Benz and starting to build a four-bedroom duplex in Ibadan.

The commission explained that Ugboko carried out this fraud between the ages of 20 and 22 while studying at FUNAAB. In 2020, he assured investors on Instagram that they would get their money back once the investment returns improved, even as he was buying properties with their money.

The commission also mentioned that Ugboko and his company, Titan Management Limited, wrongly took N18 million from Olukayode Adeola Adebo in 2021. They were also accused of fraudulently taking N1.9 million from Oluseyi Damisola that same year.

According to the EFCC, these actions broke Sections 280 and 287 of the Criminal Law of Lagos State, 2015. Ugboko was charged by the EFCC’s Directorate 2 in September 2023 and pleaded not guilty, which led to a full trial.

During the trial, the prosecution team, led by A.A. Usman, called three witnesses. The defence brought in one witness to support Ugboko.

While giving his judgment on Wednesday, Justice Oshodi stated that the prosecution proved counts one to ten beyond reasonable doubt. He discharged Ugboko on count eleven.

The judge noted that Ugboko did not provide a believable explanation of the investments. He also said Ugboko intended to permanently keep the money from those who invested.

“I have thought about what you said, especially that you are teaching over 60 inmates while in custody. But for over five years, none of the victims’ money has been returned,” the judge remarked.

“You have shown no remorse for these offences,” he added.

Earlier, Usman asked the court to make Ugboko pay back the N27.5 million to the victims. The court then sentenced Ugboko to 14 years in jail on counts one to ten, with the sentences to run at the same time.

However, Justice Oshodi said if Ugboko pays back the N27.5 million within 90 days, his sentence would be cut down to seven years.