FCMB Manager Sentenced to 121 Years for N112 Million Fraud

Ex-FCMB Manager Sentenced to 121 Years for N112 Million Fraud

Onitsha, Anambra State: Nwachukwu Placidus, former branch manager of First City Monument Bank (FCMB) in Onitsha, has been sentenced to a total of 121 years in prison after being found guilty of misappropriating N112,100,000 in customer funds. The judgement was delivered by Justice S.N. Odili of the Anambra State High Court on Friday.

Placidus faced prosecution by the Economic and Financial Crimes Commission (EFCC), which charged him with 16 counts of forgery, stealing, obtaining by false pretence, and uttering. The court proceedings started after his arraignment on March 27, 2018, by the EFCC’s Enugu Zonal Command.

According to EFCC spokesperson Dele Oyewale, the charges highlighted that between February 2009 and November 2014, Placidus defrauded Idemili Microfinance Bank by falsely claiming he had placed its N112 million in a fixed deposit account at FCMB.

During the trial, the prosecution presented four witnesses and various documents proving Placidus’s deceitful activities. Ultimately, Justice Odili concluded that the evidence established Placidus’s guilt “beyond reasonable doubt.” He received a nine-year sentence for the third count, four years for the fourth count, and nine years each for counts five to sixteen, all to be served concurrently. Placidus was acquitted on the first two counts.

Moreover, Justice Odili mandated restitution, ordering Placidus to repay the stolen amount to Idemili Microfinance Bank.

The case came to light when Idemili Microfinance Bank accused Placidus of issuing a fake fixed deposit certificate and failing to deposit their money as agreed, prompting an EFCC investigation that confirmed the fraudulent diversion of funds by Placidus for personal use.

Nwachukwu Placidus, the former branch manager at First City Monument Bank (FCMB) in Onitsha, has been sentenced to a total of 121 years in prison by Justice S. N. Odili of the Anambra State High Court. Placidus was convicted for misappropriating N112,100,000 (One Hundred and Twelve Million, One Hundred Thousand Naira only) from a customer’s fixed deposit. The sentence was handed down after Placidus was found guilty on multiple counts including forgery, theft, obtaining by false pretense, and uttering.

The conviction came after the Enugu Zonal Command of the Economic and Financial Crimes Commission (EFCC) brought Placidus to trial on March 27, 2018. According to EFCC spokesperson Dele Oyewale, who announced the verdict, the former bank manager was tried on 16 charges. During the trial, the prosecution presented four witnesses and various documents that helped establish the case beyond a reasonable doubt.

Placidus, who had denied all charges, received varying sentences for different counts, including nine years for count three, four years for count four, and nine years each for counts five through sixteen, with counts one and two resulting in acquittal. All sentences are to run concurrently, and Placidus has also been ordered to repay the misappropriated funds to the victim, Idemili Microfinance Bank. The bank had reported to the EFCC after discovering that the fixed deposit funds they intended to withdraw had never been deposited at FCMB by Placidus, who instead provided them with a forged deposit certificate.