Muhammed Ovosi, a businessman has been jailed by the Federal High Court sitting in Abuja over ₦5 million linked to the illegal facilitation of petroleum product exports without a valid license.
Justice Emeka Nwite delivered the ruling after Ovosi entered a plea bargain agreement with the Economic and Financial Crimes Commission (EFCC).
As part of the agreement, the court also ordered him to pay a fine of ₦500,000.
The conviction followed an application by EFCC counsel Martha Babatunde, who urged the court to convict the defendant based on his guilty plea and the terms outlined in the plea bargain.
According to Babatunde, “the plea bargain agreement was made pursuant to Section 270 of the Administration of Criminal Justice Act (ACJA), 2015.”
Ovosi, listed as the fifth defendant, pleaded guilty to count five of a seven-count charge filed by the EFCC against six defendants. The charge accused him of fraudulently obtaining ₦5 million from Mr. Xu Ningqun to facilitate the export of one million barrels of petroleum products without lawful authorization.
The sum was said to be part of the proceeds of unlawful activities, thereby constituting an offense under Section 18(2)(a) of the Money Laundering Prohibition and Prevention Act.
From the ₦1,770,000 allegedly traced to Muhammed Ovosi, he agreed to make restitution to the Federal Government. His plea bargain application was submitted through his counsel, Chidera Ngbe.
Justice Nwite also ruled that the remaining defendants, who pleaded not guilty, be remanded in the Kuje Correctional Centre until their bail applications are heard.
The matter was adjourned to September 15 for the hearing on bail applications.
The EFCC filed the charges under case number FHC/ABJ/CR/365/2025, naming Fawei Noel Young, David Macaulay Ugbe, Umar Konto Muhammed Kaigama, Muhammed Ovosi, and Fogmos Professions Ltd as the first to sixth defendants, respectively.