Former First City Monument Bank (FCMB) manager, Nwachukwu Placidus, has been slammed with a staggering 121-year prison term for his involvement in fraudulent activities.
Placidus, formerly stationed at FCMB’s Onitsha branch, was found guilty of siphoning a whopping N112.1 million from a customer’s fixed deposit account for personal enrichment.
After a rigorous legal battle, the Anambra State High Court, under the jurisdiction of Justice S. N. Odili, handed down the severe sentence on Tuesday, March 27, 2018. Placidus faced a total of 16 charges, ranging from forgery to stealing, obtaining by false pretense, and uttering.
The charges stemmed from a complaint lodged by the bank, alleging that Placidus, during his tenure as branch manager, unlawfully diverted the funds meant for a fixed deposit account but failed to remit them as stipulated.
A thorough investigation by the Economic and Financial Crimes Commission (EFCC) uncovered Placidus’s deceitful actions, revealing that he had funneled the money for personal use while furnishing the bank with a counterfeit fixed deposit certificate.
Despite pleading not guilty to the charges leveled against him, the EFCC, led by counsel Mainforce Adaka Ekwu, presented damning evidence, including testimonies from four witnesses and relevant documents.
In a landmark judgment, Justice Odili sentenced Placidus to varying prison terms, including nine years on one count, four years on another, and nine years each on the remaining counts. However, he was acquitted on two counts, with the sentences set to run concurrently.