Nwachukwu Placidus, a former manager at First City Monument Bank (FCMB) in Onitsha, Anambra State, has been sentenced to a cumulative 121 years in prison for diverting a staggering N112,100,000 from a customer’s fixed deposit account.
Why It Matters
Justice S. N. Odili of the Anambra State High Court delivered the verdict, concluding a legal battle that began with Placidus’s arraignment in March 2018 by the Economic and Financial Crimes Commission (EFCC).
The investigation revealed that Placidus, entrusted with the responsibility of managing customer funds, had instead used his position to steal the significant sum for his own personal gain. He allegedly provided the customer with a fake fixed deposit certificate, further compounding the fraud.
What They Are Saying
Throughout the trial, the EFCC presented a strong case against Placidus, supported by witness testimonies and concrete evidence. Justice Odili, convinced by the prosecution’s arguments, found Placidus guilty on multiple counts, including forgery, stealing, and obtaining money under false pretenses.
While the total sentence amounts to 121 years, the court structured it such that the sentences for individual charges run concurrently, meaning Placidus will serve a significant but finite prison term. Additionally, the court ordered Placidus to return the stolen funds to the rightful owner, Idemili Microfinance Bank.
Bottom Line
This case serves as a stark reminder of the importance of safeguarding financial institutions and the devastating consequences individuals face when betraying the trust placed in them. Placidus’s hefty sentence sends a clear message that such acts of fraud will be met with the full force of the law.
