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Ex-FCMB manager sentenced to 121 years for N112m fraud
Nwachukwu Placidus, a former manager at the Onitsha branch of First City Monument Bank (FCMB), has been sentenced to a cumulative 121 years in prison for orchestrating a fraudulent scheme amounting to N112,100,000.
“The judgment was handed down by Justice S. N. Odili of the Anambra State High Court in Onitsha, following Placidus’s arraignment by the Economic and Financial Crimes Commission (EFCC) on March 27, 2018″.
Placidus faced a total of 16 charges, including forgery, theft, obtaining by false pretense, and uttering. The charges stemmed from his diversion of fixed deposit funds from a customer for personal use.
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In one instance, Placidus fraudulently obtained N112,100,000 from Idemili Microfinance Bank between February 2009 and November 2014, falsely claiming to have placed the money in a fixed deposit account with FCMB.
After a thorough trial, Justice Odili found Placidus guilty on several counts and sentenced him to imprisonment: nine years on one count, four years on another, and nine years each on multiple counts, all to run concurrently. Additionally, Placidus was ordered to reimburse the embezzled sum to Idemili Microfinance Bank.
The investigation into Placidus’s fraudulent activities revealed a pattern of deception, including the fabrication of documents and the issuance of counterfeit certificates. His conviction serves as a warning against financial misconduct and underscores the consequences of betraying trust in the banking sector.
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