HomeNewsFcmb Bank Manager Bags 121years Imprisonment for Stealing N112Million from Customer for...

Fcmb Bank Manager Bags 121years Imprisonment for Stealing N112Million from Customer for Personal Use

Former bank manager Nwachukwu Placidus has been sentenced to a total of 121 years in prison for embezzling N112,100,000 in fixed deposit funds from a customer for personal use. Placidus, who was the manager of First City Monument Bank (FCMB) at the Onitsha branch, was sentenced by Justice S. N. Odili of the Anambra State High Court in Onitsha on Friday, May 3, 2024.

The case against Placidus began after Idemili Microfinance Bank LTD filed a petition with the Economic and Financial Crimes Commission (EFCC). According to EFCC spokesperson Dele Oyewale, Placidus faced 16 counts including forgery, theft, obtaining by pretense, and uttering, with one of the charges accusing him of fraudulently obtaining N112,100,000 under the pretense of placing it in a fixed deposit.

Despite pleading not guilty and contesting the charges, the evidence presented by the EFCC, including testimony from four witnesses and numerous documents, led to his conviction. Justice Odili noted that the prosecution had “proved its case beyond reasonable doubt.” Placidus received varying sentences for different counts, all to run concurrently, leading to a practical maximum of 9 years in prison.

Additionally, the court ordered Placidus to make restitution to Idemili Microfinance Bank, reimbursing the full amount he misappropriated.

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