IKEJA —* A 27-year-old undergraduate of the Federal University of Agriculture, Abeokuta (FUNAAB), David Ugboko, has been sentenced to 14 years imprisonment by the Ikeja Special Offences Court for defrauding investors through a Ponzi scheme.
Justice Rahman Oshodi delivered the judgment on Wednesday after finding Ugboko guilty on 10 counts of conspiracy, obtaining money by false pretence and retention of proceeds of crime. He was discharged on count 11.
The Economic and Financial Crimes Commission (EFCC) told the court that Ugboko defrauded over 500 investors of more than *N1 billion* between the ages of 20 and 22, while he was a 300-level student in 2021.
He operated through *Titan Management Limited*, promising investors huge returns from a supposed forest trading business.
According to the EFCC, he used money from new investors to pay earlier depositors, and diverted the funds to personal use — including the purchase of a 2006 Mercedes-Benz and construction of a 4-bedroom duplex in Ibadan.
The court heard that he fraudulently converted N18 million belonging to Olukayode Adeola Adebo and N1.9 million belonging to Oluseyi Damisola in 2021.
Justice Oshodi held that the convict failed to provide evidence of any genuine investment business and intended to permanently deprive the complainants of their money.
*SENTENCE REDUCTION OFFER*
The court ordered the 14-year sentences to run concurrently, but ruled that the sentence will be reduced to *7 years* if Ugboko restitutes *N27.5 million* to the victims within *90 days*.
Ugboko was arraigned by the EFCC in September 2023 and had pleaded not guilty.