Ex-Bank Manager Sentenced To 121 Years In Prison For N112m Fraud Scheme

Ex-Bank Manager Sentenced To 121 Years In Prison For N112m Fraud Scheme

In a significant legal development, Nwachukwu Placidus, the former manager of First City Monument Bank (FCMB) at the Onitsha branch, has been sentenced to a total of 121 years in prison. This verdict stems from his conviction for diverting fixed deposit funds totaling N112,100,000 intended for a customer’s use, for his personal gain.

The judgment was handed down by Justice S. N. Odili of the Anambra State High Court in Onitsha, following Placidus’ arraignment on March 27, 2018, by the Enugu Zonal Command of the Economic and Financial Crimes Commission (EFCC).

Dele Oyewale, spokesperson for the EFCC, disclosed this information in a statement issued on a subsequent Saturday, clarifying that Placidus faced a litany of charges including forgery, theft, obtaining by false pretense, and uttering.

The statement detailed one of the charges: that Placidus, between February 2009 and November 2014, misrepresented that he had deposited N112,100,000 in a fixed deposit account at FCMB on behalf of a customer, whereas he had not. Despite pleading not guilty, the evidence presented during the trial convinced Justice Odili of Placidus’ guilt.

In his ruling, Justice Odili declared that the prosecution had successfully proven its case, sentencing Placidus to nine years on one count, four years on another, and nine years each on counts five through sixteen, to be served concurrently. However, Placidus was acquitted of counts one and two. Additionally, he was ordered to reimburse the defrauded sum to Idemili Microfinance Bank, the victim.

Placidus’ legal woes began when Idemili Microfinance Bank LTD, the petitioner, alleged that he had received N112,100,000 as FCMB’s branch manager in Onitsha for fixed deposit purposes. However, when the petitioner sought to withdraw the funds, FCMB denied ever receiving them.

Prompted by the petition, the EFCC launched an investigation, uncovering evidence that Placidus had diverted the funds for his personal use and had provided the petitioner with a fake fixed deposit certificate.

This judgment serves as a stern warning against financial malpractice and affirms the commitment of law enforcement agencies to prosecute fraudulent activities within the banking sector.

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