Justice O.J. Enobie of the FCT High Court in Jabi, Abuja, has sentenced Daniel Ungbo Silas, director of Asher Trust Investment Limited and Fifteen Network Limited, to five years in prison for fraud. Silas was prosecuted by the Economic and Financial Crimes Commission (EFCC) on two counts of criminal breach of trust and dishonest conversion of property amounting to N128 million.
One of the charges stated that Silas, entrusted with N88 million by Mohammed Awwal Musa for the purchase of U.S. dollars, converted the money to his own use. This act violated Section 311 of the Penal Code Act and is punishable under Section 312 of the same Act.
In addition to the prison sentence, Silas is ordered to refund N128 million, the total amount defrauded, within 30 days. Silas’s conviction came as a result of dishonestly converting the money intended for currency exchange and failing to either return the funds or provide the equivalent amount in U.S. dollars.
