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Trained FCMB Manager Sentenced to 121 Years for Embezzling Customer Funds



Nwachukwu Placidus, the former manager of First City Monument Bank (FCMB) branch in Onitsha, has been handed a staggering cumulative sentence of 121 years in prison. This verdict comes after Placidus was found guilty of diverting fixed deposit funds totaling N112,100,000 (One Hundred and Twelve Million, One Hundred Thousand Naira only) for personal use.

The judgment, delivered by Justice S. N. Odili of the Anambra State High Court in Onitsha, was the culmination of a legal process initiated by the Economic and Financial Crimes Commission (EFCC). Placidus was arraigned on 16-count charges including forgery, stealing, obtaining by false pretense, and uttering.

According to EFCC spokesperson Dele Oyewale, the convict, during his tenure between February 2009 and November 2014, deceived Idemili Microfinance Bank into believing that he had placed the funds in a fixed deposit account with FCMB. However, investigations revealed that the money had been diverted for personal gain, and a fake Fixed Deposit Certificate was issued to the petitioner.

Throughout the trial, the EFCC presented compelling evidence, including testimonies from four witnesses and relevant documents. Justice Odili, in delivering the verdict, emphasized that the prosecution had proven its case beyond reasonable doubt.

Placidus received varying prison terms, with nine years for count 3, four years for count 4, and nine years each for counts 5 to 16, to be served concurrently. Additionally, he was ordered to restitute the full sum to the victim, Idemili Microfinance Bank.

This significant ruling underscores the commitment of the judiciary and law enforcement agencies to combat financial crimes and ensure accountability within the banking sector