The Court of Appeal, Lagos Division, has set aside the conviction of Lagos businessman Hilary Ogbobe over a N12.4 million transaction and discharged and acquitted him of the charges.
The judgment was delivered on November 27, 2025, by a three-member panel comprising Justice Ekanem, who delivered the lead judgment, with Justices Bassi and Kwahar concurring.
Ogbobe had earlier been convicted by the Ikeja Special Offences Court and sentenced to a total of 10 years imprisonment over the transaction involving the purchase of a dredger.
The case arose from a business transaction involving Ogbobe, his company Marine Mayor Limited, and Christopher Ezugwu, who had provided money towards the proposed purchase of a dredger.
The prosecution had alleged that Ogbobe obtained N12.4 million from Ezugwu by falsely representing that the money was required towards the purchase of a fairly used Lagos State-owned dredger.
Ogbobe was subsequently convicted by the trial court in 2023. Justice Mojisola Dada sentenced him to seven years imprisonment on one count and three years on another, with the sentences to run concurrently. His wife, Dorothy, was discharged and acquitted by the trial court.
Ogbobe appealed the conviction.
In its judgment, the Court of Appeal found that the prosecution had failed to establish the offences against him beyond reasonable doubt. The appellate court also considered the defence that the transaction arose from a commercial arrangement rather than a criminal scheme.
A key issue before the appellate court was the alleged dredger which formed the basis of the transaction. The court was critical of the failure to adequately investigate and resolve the defence’s account concerning the existence and location of the dredger.
The court also found that the evidence before the trial court did not sufficiently establish the elements of false pretence, fraudulent intent and stealing required to sustain the conviction.
The Court of Appeal consequently set aside the judgment and sentences imposed by the lower court and entered a verdict of discharge and acquittal in favour of Ogbobe.
The appellate decision brings a new development to a case that dates back to 2016, when the disputed transaction took place and subsequently became the subject of criminal proceedings.
Ogbobe and his wife were arraigned before the Ikeja Special Offences Court in 2019 after the Economic and Financial Crimes Commission brought charges relating to the transaction. At the time, both defendants pleaded not guilty to the allegations.
The subsequent 2023 conviction was later overturned on appeal, meaning Ogbobe is no longer standing convicted of the offences arising from the transaction.
The Court of Appeal’s decision was reported in December 2025, following the delivery of the judgment.