N112 Million Fraud: Court Jails Former Bank Manager 121 Years

Justice S. N. Odili of the Anambra State High Court, sitting in Onitsha, Anambra State, has convicted and sentenced Nwachukwu Placidus, a former bank manager in Onitsha, Anambra State, to 121 years in prison for diverting a customer’s fixed deposit funds totalling N112 million for his personal use.

According to a statement issued by the EFCC today, May 4, he was arraigned on Tuesday, March 27, 2018, on 16-count counts of forgery, stealing, acquiring by false pretence, and uttering.

One of the counts reads: “Nwachukwu Placidus between February 2009 and November 2014 in Onitsha, Anambra State within the jurisdiction of the Anambra State High Court of Nigeria with intent to defraud obtained the sum of (N112,100,000) One Hundred and Twelve Million, One Hundred Thousand Naira only, from Idemili Microfinance Bank under the false pretence that you have placed the said money in a fixed deposit account with First City Monument Bank PLC for it, which pretence you knew to be false and you thereby committed an offence.”

When the allegations were read to him, he entered a not-guilty plea, paving the way for his trial.

Throughout the trial, the EFCC called four witnesses and produced numerous pertinent documents that were admitted into evidence through the representation of Mainforce Adaka Ekwu.

Judge Odili sentenced the guilty party to nine years in jail on count three, four years on count four, and nine years on charges five through sixteen, respectively, finding that “the prosecution proved its case beyond reasonable doubt” in his ruling.

Based on charges 1 and 2, he was released. The sentences will flow one after the other.

The prisoner was additionally ordered by the court to return the money to Idemili Microfinance Bank, his victim.

Placidus’ voyage to the Correctional Centre began when a petitioner, Idemili Microfinance Bank LTD, claimed that the sum of N112,100,000 was given to him as the branch manager of FCMB in Onitsha for a fixed deposit.

However, when the petitioner attempted to terminate and remove the deposit, the bank denied receiving the money. Following receipt of the petition, the EFCC jumped into action, and investigations revealed that the criminal diverted the funds for his own benefit and provided the petitioner with a forged fixed deposit certificate.

A Gentle Reminder: Every obstacle is a stepping stone, every morning; a chance to go again, and those little steps take you closer to your dream.

Nnamdi Okoli