Former Bank Manager Sentenced To 121 Years In Jail For N112 Million Fraud

Former Bank Manager Sentenced To 121 Years In Jail For N112 Million Fraud

Nwachukwu Placidus, the former manager of First City Monument Bank (FCMB) Onitsha branch, has been sentenced to a cumulative 121 years in prison for diverting fixed deposit funds amounting to N112,100,000 for personal use…..READ ALSO BREAKING: Mourning At Access Bank As Powerful Head Confirmed Dead

Justice S. N. Odili of the Anambra State High Court handed down the judgment on Friday following Placidus’ arraignment by the Economic and Financial Crimes Commission (EFCC) on March 27, 2018. Placidus faced 16-count charges including forgery, stealing, obtaining by false pretense, and uttering.

The EFCC spokesperson, Dele Oyewale, disclosed that Placidus was found guilty of obtaining the sum from Idemili Microfinance Bank under false pretense, claiming to have placed it in a fixed deposit account with FCMB.

During the trial, the EFCC presented four witnesses and relevant documents as evidence, leading to Placidus’ conviction. Justice Odili sentenced him to nine years imprisonment on count 3, four years on count 4, and nine years on counts 5 to 16, with the sentences to run concurrently. Placidus was discharged on counts 1 and 2.

Furthermore, the court ordered Placidus to restitute the sum to Idemili Microfinance Bank. The fraud came to light when the bank approached FCMB to terminate the deposit, only to discover that the funds were missing. EFCC investigations revealed that Placidus diverted the money and issued a fake fixed deposit certificate to the petitioner.

The judgment highlights the seriousness with which financial crimes are treated in Nigeria, serving as a deterrent to others who may contemplate similar actions.

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