Ex-FCMB Manager Jailed for 121 Years Over N112m Fraud
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| Ex-FCMB Manager Jailed for 121 Years Over N112m Fraud |
Investigations revealed that Placidus had issued a fake fixed deposit certificate to the petitioner and denied receiving the funds when approached
In a landmark judgment, a former First City Monument Bank (FCMB) manager, Nwachukwu Placidus, has been sentenced to a cumulative 121-year imprisonment for stealing N112 million belonging to a customer. The Economic and Financial Crimes Commission (EFCC) had received a petition from Idemili Microfinance Bank LTD, alleging that Placidus, as the FCMB branch manager in Onitsha, had diverted the funds for personal use.
Investigations revealed that Placidus had issued a fake fixed deposit certificate to the petitioner and denied receiving the funds when approached. He was arraigned on 16 counts of forgery, stealing, obtaining by false pretence, and uttering, and pleaded not guilty, leading to a trial.
The EFCC presented four witnesses and tendered several documents, which were admitted as evidence. Justice S. N. Odili of the Anambra State High Court found the prosecution's case proven beyond reasonable doubt and sentenced Placidus to nine years imprisonment on count 3, four years on count 4, and nine years on counts 5 to 16, to run concurrently. He was discharged on counts 1 and 2. The court also ordered restitution of the stolen sum to Idemili Microfinance Bank.
This verdict serves as a warning to financial institution staff and a testament to the EFCC's commitment to combating financial crimes.
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