I don't like the punishment or fine give to them. It is not going to be in anyway effective. Their punishment could have been rehabilitation and community service.
I don't like the aspect of option of meagre fine aspunishment either. That is exactly my challenge on this crime that I can't get my head over with. Some punitive measures are just as good as not pronounced because they don't in any way measure with offenses. I have some issues with some legal system because I think a punishment is suppose to wade people off a certain crime, what is pecuniary fine of 150,000 (about $210) as option against a jail term of 7 years or a crime of squandering $8,000 do to prevent future perjurers in gambling crimes.
I agree with you that the fine should have been higher. The sentence of 7 years however, I don't understand the reasoning for it. I always thought that the monetary value was supposed to be somewhat equivalent to then sentence, ~$210 is far from near the equivalent of a 7 year sentence. I think a more appropriate option is to refund those effected in full (5.6 million naira) plus a fine, or a 1-3 year sentencing for each depending on each others level of involvement. This seems more accurate in my eyes.