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Former bank manager loots N112 million from customers account, bags 121 years in prison

Former bank manager loots N112m from customers account

A former bank manager at the First City Monument Bank (FCMB) at the Onitsha branch, Nwachukwu Placidus, has been handed a cumulative sentence of 121 years in prison for embezzling fixed deposit funds belonging to a customer, totaling N112,100,000 (One Hundred and Twelve Million, One Hundred Thousand Naira).

Justice S. N. Odili of the Anambra State High Court in Onitsha delivered the verdict on Friday following Placidus’ arraignment by the Enugu Zonal Command of the Economic and Financial Crimes Commission (EFCC) on Tuesday, March 27, 2018. Placidus faced charges including theft, forgery, obtaining by false pretense, and uttering.

Dele Oyewale, the EFCC Spokesperson, disclosed that Placidus faced 16-count charges, one of which accused him of deceiving Idemili Microfinance Bank into believing that he deposited N112,100,000 into an FCMB fixed deposit account between February 2009 and November 2014, which was not true.

During the trial, the EFCC presented four witnesses and a plethora of pertinent documents as evidence. Justice Odili found Placidus guilty beyond reasonable doubt and imposed a nine-year sentence for count 3, four years for count 4, and nine years each for counts 5 to 16, to be served concurrently. Placidus was acquitted of counts 1 and 2. Moreover, the court directed Placidus to reimburse the misappropriated sum to Idemili Microfinance Bank.

Placidus’ conviction stemmed from a complaint by Idemili Microfinance Bank LTD, alleging that he, in his capacity as FCMB branch manager in Onitsha, was given N112,100,000 for fixed deposit. However, upon seeking to terminate and withdraw the deposit, it was revealed that FCMB had no record of the funds. EFCC investigations uncovered that Placidus diverted the money for personal use and furnished the petitioner with a forged fixed deposit certificate.


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