N112m Fraud: How Court Sentenced Ex-FCMB Bank Manager, Nwachukwu Placidus To 121 Years In Prison

The New Diplomat
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By Abiola Olawale

A Federal High Court in Onitsha, Anambra State, has convicted a former branch manager of First City Monument Bank (FCMB), Nwachukwu Placidus, for diverting fixed deposit funds of a customer, to the tune of N112,100,000.

Placidus was slammed with a 16-count charge bordering on forgery, stealing, obtaining by false pretence and uttering, by the Enugu Zonal Command of the Economic and Financial Crimes Commission (EFCC).

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.”

However, during court proceedings, Placidus pleaded not guilty to the charges. In the course of the trial, the EFCC, through its counsel, Mainforce Adaka Ekwu, presented four witnesses and tendered several relevant documents which were admitted in evidence.

In his judgment, presiding Justice S. N. Odili, held that “the prosecution proved its case beyond reasonable doubt,” and sentenced the convict to nine years imprisonment on counts 3 to 16, and discharged on counts 1 and 2. The sentences shall run concurrently.

The court further ordered the convict to restitute the said sum to his victim, Idemili Microfinance Bank.

Placidus’ journey to the Correctional Centre began when a petitioner, Idemili Microfinance Bank Ltd, alleged that the sum of N112,100,000 was handed over to him as the branch manager of FCMB in Onitsha, for a fixed deposit.

However, when the petitioner approached the bank to terminate and withdraw the deposit, the bank denied receiving the said funds.

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