The former manager of First City Monument Bank (FCMB) in Onitsha, Nwachukwu Placidus, has been sentenced to a cumulative 121 years in prison by Justice S. N. Odili of the Anambra State High Court. This verdict comes as a result of his conviction for diverting fixed deposit funds totaling N112,100,000 for personal gain.
Placidus was arraigned on March 27, 2018, by the Enugu Zonal Command of the Economic and Financial Crimes Commission (EFCC) on 16-count charges including forgery, stealing, obtaining by false pretense, and uttering. The charges stemmed from his actions between February 2009 and November 2014, during which he allegedly obtained the aforementioned sum from Idemili Microfinance Bank under false pretenses.
Despite pleading not guilty, the EFCC, represented by counsel Mainforce Adaka Ekwu, presented compelling evidence during the trial, including testimonies from four witnesses and relevant documents. In delivering the judgment, Justice Odili affirmed the prosecution’s case and sentenced Placidus to varying prison terms ranging from four to nine years on counts 3 through 16, with concurrent sentences. Counts 1 and 2, however, resulted in his discharge.
Furthermore, the court ordered Placidus to restitute the misappropriated sum to Idemili Microfinance Bank. The genesis of Placidus’ legal entanglement began with a petition from the bank, alleging that funds entrusted to him for fixed deposit were misappropriated. Subsequent EFCC investigations revealed that Placidus had diverted the money for personal use, substantiated by the issuance of a fraudulent fixed deposit certificate to the petitioner.
The sentencing of Placidus underscores the judiciary’s commitment to upholding the rule of law and ensuring accountability in financial institutions, serving as a deterrent to similar fraudulent activities in the future.
