Nwachukwu Placidus, a former manager at First City Monument Bank (FCMB) Onitsha branch, has been handed a cumulative sentence of 121 years in prison for diverting fixed deposit funds amounting to N112,100,000 (One Hundred and Twelve Million, One Hundred Thousand Naira) for personal use.
Justice S. N. Odili of the Anambra State High Court in Onitsha delivered the verdict on Friday, concluding a legal saga that began with Placidus' arraignment by the Economic and Financial Crimes Commission (EFCC) on Tuesday, March 27, 2018.
Dele Oyewale, the EFCC Spokesperson, disclosed the development in a statement on Saturday, outlining the charges against Placidus, which included forgery, stealing, obtaining by false pretence, and uttering.
According to the statement, Placidus was found guilty of defrauding Idemili Microfinance Bank by falsely claiming to have placed the sum of N112,100,000 in a fixed deposit account with FCMB between February 2009 and November 2014.
During the trial, the EFCC presented four witnesses and submitted numerous documents as evidence, convincing the court of Placidus' guilt.
In delivering the judgement, Justice Odili remarked that the prosecution had successfully established its case beyond reasonable doubt. Placidus was sentenced to nine years imprisonment on count 3, four years on count 4, and nine years on counts 5 to 16, with concurrent sentences. He was acquitted on counts 1 and 2.
In addition to the prison term, the court ordered Placidus to restitute the misappropriated sum to Idemili Microfinance Bank.
Placidus' troubles began when Idemili Microfinance Bank accused him of failing to honor the fixed deposit arrangement. Subsequent investigations by the EFCC revealed that Placidus had diverted the funds for personal use and issued a fake fixed deposit certificate to the petitioner.
As Placidus begins his term behind bars, the verdict sends a strong message against financial malpractice and underscores the commitment of law enforcement agencies to uphold justice and integrity in the banking sector.
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