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Home Law & Judiciary Court Jails Ex-banker 7 Years for N50M Fraud

Court Jails Ex-banker 7 Years for N50M Fraud


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A former staff of Guaranty Trust Bank (GTB), Onyekachi Nwosu, has been convicted and sentenced to seven years imprisonment by a Federal High Court, Enugu, over N50 Million fraud.

Justice R.O. Dugbo Oghoghorie found him guilty of abusing his position and using forged documents to induce his bank to grant a N50,000,000 loan facility, part of which he diverted to personal use.

A statement on Friday by the Head, Media and Publicity of the Economic and Financial Crimes Commission (EFCC), wilson Uwujaren, said as an account officer to Anyaso Chinedu, owner of Floxy Aluminium Odiofele Products Limited, Nwosu induced the bank with forged documents into granting a loan of N50million to Floxy Aluminium Odiofele Products Limited.

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The documents; “An application to Morgage, Consent to Morgage and Tripartite Legal Mortgage”, deceived GTB into believing that one Mrs. Adebimpe Foluke pledged her property as collateral for the Fifty Million Naira loan granted to Floxy Aluminiun Product Ltd.

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Further investigation, revealed that the convict benefitted N40, 000,000.00 (Forty Million Naira) out of the fraudulent loan by directly withdrawing it from the account of Floxy Aluminium Odiofele Products Limited.

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Justice Oghoghorie ordered the convict to also restitute the sum of Forty Million Naira (N40 million) to GTB and, return the original Certificate of Occupancy to Mrs Foluke.

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