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Nwachukwu Placidus, the former manager of First City Monument Bank (FCMB) in Onitsha, has been sentenced to a cumulative of 121 years in prison.
The court found him guilty of diverting a staggering sum of N112,100,000 (One Hundred and Twelve Million, One Hundred Thousand Naira only) from a customer’s fixed deposit account for his personal use.
Justice S. N. Odili of the Anambra State High Court in Onitsha handed down the judgment on Friday, May 4, 2024, following Placidus’ arraignment by the Economic and Financial Crimes Commission (EFCC) on March 27, 2018.
Placidus was charged on 16 counts, including forgery, stealing, obtaining by false pretense, and uttering.
The charges detailed how he deceived Idemili Microfinance Bank into believing he had placed the funds in a fixed deposit account with FCMB.
However, the bank denied receiving the said funds when the petitioner attempted to withdraw the deposit.
The EFCC’s investigation revealed that Placidus had diverted the money for his personal use and issued a fake fixed deposit certificate to the petitioner.
The court found him guilty on counts 3 to 16, sentencing him to nine years on count 3, four years on count 4, and nine years on counts 5 to 16, to be served concurrently.
The court also ordered the convict to restitute the stolen sum to Idemili Microfinance Bank.
During the trial, the EFCC presented four witnesses and tendered several relevant documents, which were admitted as evidence.
The prosecution successfully proved its case beyond a reasonable doubt, leading to the harsh sentence against the former bank manager.
The judgment serves as a stern warning to banking sector professionals about the consequences of engaging in fraudulent activities.
It also highlights the efforts of the EFCC in combating financial crimes and ensuring justice for victims.
This case underscores the importance of stringent measures to prevent such criminal acts and protect the integrity of Nigeria’s financial institutions.
As this story unfolds, it is crucial for the banking sector to reevaluate its internal controls and implement stronger safeguards to prevent similar incidents in the future.
The public and stakeholders in the banking industry will be closely watching the developments in this case and the broader implications for the sector’s integrity and reputation.
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