Ex-FCMB Manager Gets 121-Year Sentence for N112M Fraud

In a landmark case of financial malpractice, former manager of First City Monument Bank (FCMB), Nwachukwu Placidus, has been sentenced to a total of 121 years in prison for his involvement in a N112,100,000 fraud scheme.

Judge S. N. Odili of the Anambra State High Court, located in Onitsha, Anambra State, delivered the verdict, marking the end of a legal battle that began with Placidus’s arrest by the Economic and Financial Crimes Commission (EFCC).

The charges against Placidus, which included forgery, theft, obtaining by false pretense, and uttering, stemmed from his misappropriation of funds belonging to a customer’s fixed deposit account. According to the EFCC, Placidus falsely claimed to have placed the sum of N112,100,000 in a fixed deposit account with FCMB between February 2009 and November 2014. Investigations revealed that he had instead diverted the funds for personal use.

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During the trial, the EFCC presented compelling evidence, including testimonies from four witnesses and relevant documents, establishing Placidus’s guilt beyond reasonable doubt. Judge Odili handed down a nine-year sentence on count three, a four-year sentence on count four, and nine-year sentences on counts five through sixteen. Additionally, he ordered a parallel run of the sentences and mandated that Placidus return the stolen funds to the victim, Idemili Microfinance Bank.

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The case began when Idemili Microfinance Bank Ltd., the petitioner, approached FCMB to withdraw the fixed deposit funds, only to discover that the deposit certificate provided by Placidus was fictitious. Upon investigation, it was revealed that Placidus had fraudulently obtained the funds and issued a fake deposit certificate to the petitioner.

The judgment serves as a stern warning against financial misconduct in the banking sector and underscores the commitment of law enforcement agencies to combat financial crimes. As Placidus begins his lengthy prison term, it marks the end of a chapter characterized by deception and exploitation of trust in the banking industry.