Ex-Bank Chief Jailed 40 Years For N67.510m Fraud

The Uyo, Akwa Ibom State Division of the High Court has sentenced a former relationship manager with a first-generation bank, Udo Udoma Branch, Uyo, the state capital, one Chukwudi Henry Onwuka, to 40 years in prison for defrauding his friend of N67,510,000 under the guise of facilitating the purchase of $157,000 forex.

His co-accused, simply identified as Chinedu (second defendant), whose account was used in the illicit transactions, received a 20-year sentence, having been found guilty of two counts of 10 years each.

Delivering judgement, Justice Archibong Archibong, found the 47-year-old banker guilty on all four counts, bordering on “obtaining by false pretence, stealing, aiding and abetting, “contrary to the Advance Fee Fraud and Other Related Offences Act 2006 and the Criminal Code Laws of Akwa Ibom State.”

Onwuka, a father of three from Mbaitoili local government area of Imo State, was convicted alongside his accomplice, Eze Joshua Chinedu, a director and chief executive officer (CEO) of Jec-Mega World Investment Limited, whose bank account received the stolen funds.

Chinedu, an Accounting graduate of Ebonyi State origin, LEADERSHIP gathered, runs a foodstuffs business, including foreign rice, at Akpan Andem Market in Uyo.

According to Court records, the victim, Toochi Obianom, an Onitsha-based financial consultant and currency dealer, had reported the matter to the Police at the Uyo Area Command on 23rd March 2017.

The petitioner recalled that on 17th March 2017, the banker called him, claiming that one of his customers: Jec-Mega World Investment Limited, had $157,000 available for sale.

Onwuka, was said to have instructed him to transfer the naira equivalent, N67.510 million, to the company’s First Bank account with the assurance that within 30 minutes, he would receive the Dollar equivalent.

Trusting his longtime friend, Obianom transferred the cash in two tranches;

N39,450,000 on 17th March, 2017, and  another N28,060,000 on 21st March, 2017, to First Bank Account 1000455243, operated by Chinedu’s company, bringing the total to N67,510,000.

However, the promised $157,000 was never delivered, and all efforts to recover the money, according to him, proved abortive.

In his statement, Chinedu admitted to allowing his account to be used but insisted he was unaware of Onwuka’s criminal intentions, adding that the banker was his account officer and had informed him that the funds were intended for contract settlement.

“I did not know he had other sinister criminal intentions,” Chinedu testified.

Both defendants pleaded not guilty to the six-count charge, prompting full trial.

The prosecution called four witnesses, including the victim, and tendered 10 documentary exhibits. The defendants testified in their own defence without calling additional witnesses.

However, In a detailed judgment, Justice Archibong held that the prosecution had proved its case beyond all reasonable doubts, and consequently sentenced

Chinedu (2nd defendant), to 20 years, 10 years for each count to run concurrently.

“For the second defendant, I hereby find you guilty of counts 4 and 5 and accordingly convict you. The punishment for the offence is a term of not less than 10 years’ imprisonment without option of fine,” the Court ruled.

For Onwuka (1st defendant), Justice Archibong found him guilty

in counts 1, 2, 3 and 4, and consequently sentenced him to a combined 40 years imprisonment with each count attracting 10 years, to run concurrently.

The Court further ordered the convict to refund the N67,510,000 million to the victim.