Fraudster, David Wealth Ezuzu 3 Years In Jail, Loses 9 Asaba Properties To FG

The EFCC’s Benin Zonal Command secured the conviction of David Wealth Ezuzu, an investment fraudster, on Tuesday, July 5, 2022, before Judge Efe Ikponmwonba of the Edo State High Court, Benin City.

Ezuzu, a clergyman and the director of Arerben Ventures, an investment company, was indicted on charges of solicitation under false pretenses.

He allegedly fraudulently obtained more than N5 billion from unsuspecting members of the public under the pretense of investing in forex trading.

The indictment is: that you, David Wealth Ezuzu (trading under the name and style of Arerben ventures), sometimes between January 11, 2020 and March 1, 2021 in the State of Edo within the jurisdiction of this Honorable Court, the total amount of N15,200,000 (fifteen million, two hundred thousand Naira) of the aggregate sum of N5,458,171,996.95 (five billion, four hundred fifty-eight million, one hundred and seventy thousand, nine hundred ninety-six Naira, ninety-five Kobo) received on your account from unsuspecting members of the public as an investment in Forex trading to your bank in the name of Ezuzu David, knowing that the same represents the proceeds of Ezuzu David’s criminal conduct, namely: obtaining money through false pretenses and thereby committing an offense in violation of Section 17(a) of the Economic and Financial Crimes Commission ( Establishment) Act, 2004 and punishable under section 17(b) of the same Act”.

The accused pleaded guilty to the charge. In view of his plea, counsel for the prosecution, Francis A.Jirbo, prayed to the court to sentence and sentence him accordingly. Defense counsel A. Afamefena, however, begged the court to temper the justice with mercy as restitution will be granted to the victims of the crime.

Justice Ikponmwonba sentenced and sentenced Ezuzu to three (3) years in prison with an option of a two million Naira fine, while his company, DW Arerben Global Investment, was convicted and punished with a N2 million fine.

The judge also ordered the forfeiture of N102, 131.45 in the defendant’s business account and five other bank accounts in the name of David Wealth Ezuzu, to the federal government through the EFCC for restitution of crime victims.

The court further ordered that the defendant forfeit the following property to the federal government through the EFCC on behalf of the victims of the crime:

1. 5 Bedroom Duplex and Security House located on Plot 3 Block 7 Kewkagbor Family Layout, Off Ibusa Road, Asaba, Oshimili South LGA, Delta State.
2. Estate located in Okotomi Layout, Obadogwugwu Quarters, Okpanam Quarters, Ibusa Road, Asaba, Oshimili North LGA, Delta State.
3. Estate in Anieluenonu New Layout, Obadogwugwu Quarters, Okpanam, Asaba, Oshimili North LGA, Delta State.
4. 5 bedroom duplex bungalow located at 12 Okwunze Street, Off Stadium Road, Oshimili South LGA, Delta State.
5. Two three bedroom and 2 bedroom bungalows respectively on Obiaje Family land, Off Asaba, Oshimili South LGA Delta State.
6. Estate, Plot 27 located at Umayi Umuezafadia Family land, Okosolo, Asaba-Benin Road in Oshimili South LGA, Delta State.
7. Bungalow located along RN Okonkwo Street, Ogbeowelle Quarters, Okpanam, Oshimili North LGA, Delta State.
8. 26 acres of land located in Ngbo Ofuke Village, Asaba, Delta State.
9. Three-storey building in 3 places located at Obduogwu Family.land, opposite NNPC gas station, Asaba, Delta State.
10. A plot or parcel of land approximately 200 ft by 200 ft (1 Acre) lying and located on Elibujor ogne- or Layout by Benin – Asaba Expressway.

Also ordered forfeited are: one leaflet of Keystone bank manager’s check valued at N400,000, 13 leaflets of Zenith bank manager’s checks valued at N115,000,000, 10 leaflets of Guaranty Trust Bank manager’s check valued at N61,700,000.00, 28 leaflets from First City Monument Bank manager’s check worth N33,550,000 and 2 folders of UBA manager’s check worth 300,000.