The Economic and Financial Crimes Commission yesterday December 21, 2016 secured the conviction of one Friday David for stealing the sum of N40, 035,350.00 (Forty Million, Thirty Five Thousand, Three Hundred and Fifty Naira) belonging to Universal Steel Limited.
The convict was arraigned by the Commission on April 16, 2008 on 50 counts of stealing and fraudulent false accounting before Justice M. O. Obadina of the High Court of Lagos State, Igbosere.
The 87 count criminal charge was initially amended on April 23, 2009 and further amended to a sole
count of stealing on March 7, 2016.
Upon arraignment, Friday David pleaded “not guilty” to the charge preferred against him.
In order to prove the case against the convict, the prosecution called 11 witnesses and tendered 38 exhibits (P1-P38).
The investigation leading to the conviction commenced when the Commission received a petition on September 6, 2005 from Universal Steel Limited, the biggest Iron manufacturing Private Limited
liability Company, against one Friday David, Sales Manager, Enamelware Division of the Company.
Upon conviction by Justice Obadina, Mr. Friday David was sentenced to two years imprisonment without the option of fine commencing from the day of Judgment.
The convict was also ordered to pay the sum of N40, 035,350.00 as restitution to the Universal Steel Limited.
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