In a significant ruling, Uno Michael Eke, the Chief Executive Officer of Micheno Multi-Purpose Cooperative Society, has been sentenced to one year in prison for orchestrating a massive fraud scheme involving conspiracy, obtaining property by false pretence, and money laundering amounting to N2 billion. The conviction was announced by the Economic and Financial Crimes Commission (EFCC) via its verified X handle on Saturday, February 22, 2025, following a legal process overseen by Justice Rosemary Oghoghorie of the Federal High Court in Calabar, Cross River State.
Eke’s sentencing came after he pleaded guilty to four amended charges brought by the EFCC’s Uyo Zonal Directorate. According to the EFCC’s statement, “Justice Rosemary Dugbo Oghoghorie convicted and sentenced Uno Michael Eke to 1-year imprisonment for conspiracy, obtaining property by false pretence, and money laundering to the tune of N2bn.” The charges detailed a sophisticated scam that preyed on unsuspecting investors, promising lucrative returns that were never intended to materialize.
One of the charges stated, “That you, Uno Michael Eke (being the President/Chief Executive Officer of Micheno Multi-Purpose Cooperative Society), alongside Registered Trustees of Micheno Multi-Purpose Cooperative Society and Aya Kanu Aya (alias Mbakara), Vice President of the cooperative (now at large), between June and August 2018 in Calabar, conspired to commit an offence: obtaining property by false pretence, contrary to Section 8(a) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.” Another charge highlighted a specific instance on July 12, 2018, where Eke fraudulently obtained N2 million from Kubnse Ogar Ebute by luring her into a fake “Swiss golden package” investment with a promised 80% return within 40 days—a promise he knew to be false.
The EFCC’s investigation revealed that Eke collected vast sums from multiple victims, amassing N2 billion through various bank accounts. These funds were subsequently funneled into acquiring substantial assets, including landed properties and houses in Calabar. His arrest marked the beginning of his journey to the Correctional Centre, exposing a calculated scheme that exploited the trust of investors seeking financial growth.
During the trial, prosecution counsel Joshua Abolarin pressed for a conviction based on the overwhelming evidence and Eke’s guilty plea. Defence counsel Ime Umanah, however, sought leniency, citing a plea bargain agreement. Justice Oghoghorie, after weighing the arguments and evidence, sentenced Eke to one year in prison with an option of a N2 million fine. Additionally, the court ordered the forfeiture of significant assets to the Federal Government, including 12 two-bedroom flats along Goodluck Jonathan Bypass, two large plots of land in Adiabo Ikot Mboout Community, two plots in Akai Effa, 18 self-contained flats near the University of Calabar, and N10 million recovered during the investigation. All recovered funds were directed to be restituted to the victims.
Eke’s conviction adds to a string of recent EFCC successes, as seen in related news of fraudsters jailed in Oyo, Filipinos arraigned for cyber-terrorism in Lagos, and the return of substantial sums to foreign fraud victims. The case underscores the agency’s relentless pursuit of financial criminals and serves as a warning to those exploiting cooperative societies for illicit gain. For the victims, the restitution offers a glimmer of justice, though it may not fully compensate for the trust and resources lost to Eke’s deceitful promises. As the dust settles, this ruling reinforces the judiciary’s role in upholding accountability in Nigeria’s fight against economic crimes.
Can we trust any CEO these days? Its like every other day, we hear about another one involved in fraud. Whats happening with these people?
Can we trust any CEO these days? Its like a minefield out there. Shocking news. #fraud #moneylaundering
Wow, can you imagine the nerve of some people? Fraud and money laundering as a CEO? What was going through their mind?!
Can you believe the audacity of some CEOs? Its like they think theyre above the law. Shameful!
Wow, can you believe the audacity of some CEOs? Makes you wonder how many others are getting away with similar crimes.
Wow, can we trust any CEO these days? Makes you wonder how many more are out there pulling off scams.
Wow, cant believe the CEO got caught! Makes you wonder how many more cases like this are out there.
Can we trust any CEO these days? Its like theyre all in it for themselves. What a world we live in.