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Cooperative society promoter convicted for N5m rip-off

The Financial and Monetary Crimes Fee (EFCC), on Tuesday, secured the conviction of Edidiong Udokpoh.

He was arraigned earlier than Justice Achibong O. Achibong of the State Excessive Courtroom in Uyo, Akwa Ibom State, for stealing and changing the sum of N5million cooperative funds to non-public use.

The convict pleaded “responsible” to a one rely cost.

The offence violates the provisions of Part 392(1) of the Legal Code CAP 38 quantity 11 Legal guidelines of Akwa Ibom State of Nigeria 2000 and punishable below part 399 of the identical legislation.

Prosecution counsel, Adebayo Soares tendered as displays: a replica of the petition, the defendant’s assertion, and Company Affairs Fee’s (CAC) response indicating that the cooperative society was not a registered enterprise.

Soares urged the court docket to convict the defendant as charged, whereas the defence counsel Dominic Okon prayed for mercy.

Justice Archibong convicted Udokpoh and sentenced him to 3 months imprisonment with an choice of N50,000 positive.

Udokpoh has restituted the N5million to the sufferer.

He operated ‘Youth Main In Enterprise Multipurpose Cooperative’.

The petitioner, Idorenyin Umana, recalled that the convict launched a marketing strategy to him, with a lifespan of 12 months, and an accrual curiosity of 5 % each 60 days.

Umana mentioned the concept seemed good to him, so he transferred N5million to Udokpoh cooperative’s First Checking account.

He reported the matter to the EFCC in 2019 when nothing was heard about each his capital and purported curiosity.