An Abuja High Court on Wednesday acquitted a 52-year-old don, Prof. Stephen Abah, of alleged misappropriation of $48,000 (N7.9 million).
Abah of the Department of Public Health, Ambrose Alli University, Ekpoma, Edo State, was arraigned by the Economic and Financial Crimes Commission in 2013 on a two-count charge of breach of trust and misappropriation.
The EFCC alleged that he misappropriated the money belonging to his friend, a US-based businessman, Chief Odeh Olukola, meant for the establishment of a restaurant business, but converted same for his personal use.
Abah pleaded not guilty to the charges.
Ruling in a no-case-submission, Justice Olusumbo Goodluck held that the prosecution had failed to establish any evidence that the accused converted the money for personal use.
Goodluck also said that the prosecution did not place any material evidence before the court to show that the accused misappropriated the said amount.
She said: “There is no evidence before the court to suggest that there was misappropriation and breach of trust as contained in the charge.
“It is a story of a business gone bad.”
The judge said that the non-audit of the restaurant account alone cannot serve as an offence because the prosecution did not prove that there was fraud in the transaction.
Goodluck said that evidence before the court showed that the accused spent N10 million to establish the restaurant business, adding that a prima facie evidence had not been established against the accused by the prosecution.
The judge, therefore, stuck out the case and acquitted the accused for lack of merit.
Counsel to Abah, Abel Ozioko, told the News Agency of Nigeria: “My client agreed with his friend to establish a restaurant in Abuja, which the complainant sent $48,000, and my client invested N10 million.
“The business was not managed by my client.
“He handed over the business to an expert because of his engagements.
“But the business collapsed.”
Aziko added that his client’s name had been cleared of all wrongdoing.
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