Cooperative Society CEO Bags One Year for N2bn Fraud in Calabar

Justice Rosemary Dugbo Oghoghorie of the Federal High Court in Calabar has convicted and sentenced Uno Michael Eke, the Chief Executive Officer of Micheno Multi-Purpose Cooperative Society, to one year in prison for conspiracy, obtaining property by false pretence, and money laundering involving a sum of N2 billion.

Eke, who pleaded guilty to four amended charges brought against him by the Economic and Financial Crimes Commission (EFCC), was sentenced after the charges were read to him in court. These charges involved defrauding unsuspecting victims by promising returns on investment and acquiring substantial properties with the fraudulent funds.

The charges included obtaining N2 million from a victim under false pretenses by inducing her to invest in the cooperative’s fraudulent Swiss golden packages, promising an 80% return on investment.

In light of the guilty plea, the prosecution, led by Joshua Abolarin, requested a conviction, while defense counsel Ime Umanah sought a reduced sentence, citing a plea bargain agreement.

Justice Oghoghorie sentenced Eke to one year in prison but also offered the alternative of a N2 million fine. In addition to the sentence, Eke was ordered to forfeit several properties, including 12 two-bedroom flats in Calabar, two large plots of land, 18 self-contained flats, and N10 million recovered during the investigation. The judge further directed that all recovered funds be restituted to the victims.

Eke’s fraudulent activities were exposed when investigations revealed that he had collected large sums from multiple victims with promises of high returns, ultimately accumulating N2 billion, which was used to acquire real estate in Calabar.