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Bank Manager Sentenced to 121 Years for Stealing N112.1m (Photo)

Former First City Monument Bank manager, Nwachukwu Placidus, has been sentenced to 121 years in prison for diverting N112.1 million from a customer’s fixed deposit funds.

Published

1 year ago

May 5, 2024

VerseNews

Bank Manager Sentenced to 121 Years for Stealing N112.1m

Former First City Monument Bank manager, Nwachukwu Placidus, has been sentenced to 121 years in prison for diverting N112.1 million from a customer’s fixed deposit funds.

The verdict was handed down by Justice S. N. Odili of the Anambra State High Court following his arraignment by the EFCC on charges including forgery, stealing, and obtaining by false pretense.

Former manager at First City Monument Bank (FCMB) in Onitsha, Nwachukwu Placidus, has been sentenced to a total of 121 years in prison for engaging in fraudulent activities.

VerseNews reports that the court found him guilty of diverting the sum of N112.1 million from a customer’s fixed deposit funds for personal gain.

This judgment was delivered by Justice S. N. Odili of the Anambra State High Court sitting in Onitsha. The case stemmed from Placidus’ arraignment on Tuesday, March 27, 2018, by the Enugu Zonal Command of the Economic and Financial Crimes Commission (EFCC).

Placidus faced a total of 16-count charges, including forgery, stealing, obtaining by false pretense, and uttering. Among the allegations, one count accused him of obtaining N112.1 million from Idemili Microfinance Bank under false pretense, claiming to have placed the funds in a fixed deposit account with FCMB.

During the trial, the EFCC presented four witnesses and submitted several relevant documents as evidence. Justice Odili, in his judgment, stated that the prosecution had proven its case beyond a reasonable doubt.

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Consequently, Placidus was sentenced to nine years imprisonment on one count, four years on another, and nine years each on counts 5 to 16, with the sentences to run concurrently. However, he was discharged on counts 1 and 2.

Furthermore, the court ordered Placidus to restitute the defrauded sum to Idemili Microfinance Bank. The case originated from a petition by the bank, alleging that Placidus, while serving as FCMB branch manager, had received the funds for a fixed deposit.

Subsequently, investigations revealed that he had diverted the money for personal use and provided a fake fixed deposit certificate to the petitioner.