New Telegraph

December 1, 2023

Bizman refutes N2.9bn fraud allegation by AGF’s office

A businessman, Mr. Kenneth Ndubuisi Amadi, has refuted claims of N2.9 billion fraud against him by the office of the Attorney General of the Federation.

He made the denial at the weekend while opening his defence at a Federal High Court in Lagos to prove his innocence of the alleged N2.9 billion fraud charge. In his testimony, Amadi told Justice Ambrose Lewis-Allagoa that he was not involved in the stealing of the said sum while working at Eunisell Ltd as alleged by the prosecution.

Amadi told the court that he joined the company sometimes in 2000 based on an oral agreement and that his efforts helped to grow  Eunisell’s business from a paltry sum of N8 million to several billions of naira when he was exiting the company in 2016.

He said that there was no problem between him and the company’s owner, Chika Ikenga, throughout the sixteen and a half years he worked with him, until 2016 when he decided to leave Eunisell Ltd to concentrate on his own company. The defendant, a chemical engineer by profession, said in his testimony that when he decided to leave Eunisell to concentrate on his own business, he went to meet Ikenga to inform him of his intention.


“Immediately Iinformed him about the plan, Ikenga got angry and started threatening me, saying it is not possible for me to start a business that will compete with his own. Ikenga vowed to make sure that he destroy me and my business”, Amadi said.

Speaking further, Amadi stated that on October 28, 2016, Ikenga invited him to his office and he again threatened to destroy him with all the means at his disposal.

Amadi added that while this was going on, Ikenga’s friend who was at the meeting was videoing what was happening and that it was at the meeting that he was asked to tender  his letter of resignation, despite the fact that he was not given any letter of employment. “I tendered the resignation letter to show good faith and not that I was under any obligation to do so.

“Apart from promoting the company’s image, I used my influence to bear on the company to the extent that many big companies, like A-Z International, Ammasco Ltd, as well as the Nigerian Airforce, Navy, among others, started to buy the company’s lubricant oil. “Ikenga Chika and Eunisell intentions were to destroy my business relationship with Chevron Oronite.

“I was not in any way connected to the books of the company or the company’s finances except the money paid to me by some of the clients I introduced to the company who paid funds through me to ensure that their money is save and all the monies were paid to the company without any issue or problem”, Ikenga stated further.


He further told the court that in December 2016, Ikenga and Eunisell wrote a petition to the police alleging that he stole N102 million but the police, after investigation, exonerated him of all the allegations. The defendant added that Ikenga later petitioned the EFCC alleging that he stole N500 million, and after investigation, the EFCC also absolved him of any wrong-doing.


“My schedule is to look for business opportunities for the company, which I did to the best of my ability and to the good of the company. I did not breach any trust.

Ikenga enjoyed the mutual agreement he had with me because he was getting the money from the contacts I brought into Eunisell and he knew where the money was coming from and confirmed receipt for all monies paid into Eunisell account”, Amadi stated further.


In the course of proceedings, Amadi’s lawyer, O.J. Akinwale, tendered certified police and EFCC reports, as well as Ammasco’s letters to the police, which absolved the defendant of allegations of stealing Eunisell’s N2.9 billion. Further hearing in the matter has been adjourned to October 20, 2022, for adoption of written addresses by parties.

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