Ex FCMB bank manager bags 121 years jail term over N112m fraud

A former manager of First City Monument Bank (FCMB) in Onitsha, Nwachukwu Placidus, has been sentenced to 121 years in prison for embezzling N112.1 million in fixed deposit funds belonging to a customer.

The Anambra State High Court found him guilty on 16 counts of forgery, stealing, and obtaining money under false pretenses.

The Economic and Financial Crimes Commission (EFCC) had arraigned him in 2018, and the court has now ordered him to restitute the stolen funds to the victim, Idemili Microfinance Bank.

Placidus had received the funds for fixed deposit but instead used them for personal gain, issuing a fake certificate to the customer.

The EFCC investigated and presented four witnesses and evidence, leading to his conviction. Justice S. N. Odili sentenced him to concurrent terms of 9 years on some counts and 4 years on others, totaling 121 years.

This outcome serves as a warning to financial institution managers and a demonstration of the EFCC’s commitment to combating financial crimes.