“Former FCMB Manager Sentenced to 121 Years for Embezzling N112 Million”

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A former manager at First City Monument Bank (FCMB), Nwachukwu Placidus, found himself facing the weight of justice as he was handed a cumulative 121-year sentence for embezzling N112 million belonging to a customer.

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Dele Oyewale, spokesperson for the Economic and Financial Crimes Commission (EFCC), revealed that Placidus was apprehended following a complaint lodged by Idemili Microfinance Bank LTD.

According to the microfinance bank’s management, Placidus, serving as the branch manager of FCMB in Onitsha, was entrusted with N112 million for a fixed deposit. However, when approached to terminate and withdraw the deposit, FCMB denied any knowledge of the funds.

“After receiving the petition, the EFCC swiftly initiated an investigation, uncovering evidence that the convict misappropriated the funds for personal use and forged a fake Fixed Deposit Certificate,” Oyewale stated.

Consequently, Placidus was arraigned on March 27, 2018, facing 16 charges including forgery, theft, obtaining by false pretense, and uttering, at the Enugu Zonal Command of the EFCC.

One of the charges accused him of defrauding Idemili Microfinance Bank of N112,100,000 between February 2009 and November 2014 in Onitsha, Anambra State.

Pleading not guilty to the charges, Placidus opted for trial.

Throughout the proceedings, the EFCC, represented by its counsel Mainforce Adaka Ekwu, presented four witnesses and submitted numerous relevant documents as evidence.

In delivering the verdict, Justice S. N. Odili of the Anambra State High Court in Onitsha ruled that “the prosecution established its case beyond a reasonable doubt.” Placidus was sentenced to nine years imprisonment for count 3, four years for count 4, and nine years for counts 5 to 16, respectively. He was acquitted on counts 1 and 2, with the sentences to be served concurrently.

Furthermore, the court mandated Placidus to reimburse Idemili Microfinance Bank the misappropriated sum.

Thus, justice was served as Placidus faced the consequences of his fraudulent actions, serving as a warning against financial malpractice.


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Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

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