Onitsha: Former Bank Manager Receives 121-Year Sentence for N112m Fraud

Former First City Monument Bank (FCMB) manager, Nwachukwu Placidus, has been sentenced to a cumulative 121 years in prison for his involvement in diverting fixed deposit funds totaling N112,100,000 (One Hundred and Twelve Million, One Hundred Thousand Naira) for personal use.

The verdict was handed down by Justice S. N. Odili of the Anambra State High Court, Onitsha, following Placidus’s arraignment on March 27, 2018. Placidus faced a 16-count charge including forgery, stealing, obtaining by false pretense, and uttering, brought by the Economic and Financial Crimes Commission (EFCC) Enugu Zonal Command.

According to court documents, Placidus was found guilty of obtaining the sum from Idemili Microfinance Bank under false pretense, purporting it was for placement in a fixed deposit account with FCMB between February 2009 and November 2014.

Despite pleading not guilty, the prosecution, led by Mainforce Adaka Ekwu, presented compelling evidence, including testimonies from four witnesses and relevant documents. Justice Odili ruled that the prosecution had proven its case beyond reasonable doubt.

Placidus received varying sentences, including nine years on count 3, four years on count 4, and nine years each on counts 5 to 16, to be served concurrently. Additionally, he was ordered to restitute the misappropriated sum to Idemili Microfinance Bank.

The case came to light when Idemili Microfinance Bank alleged that Placidus, as FCMB branch manager, received the funds for a fixed deposit. Upon investigation, the EFCC discovered Placidus had diverted the money for personal use and issued a fake fixed deposit certificate to the petitioner.

Dele Oyewale, Head of Media & Publicity for the EFCC, confirmed the judgment, underscoring the commission’s commitment to combatting financial crimes.

Press Release by Dele Oyewale, Head of Media & Publicity, May 4, 2024