Court slams Ex-GTbank staff 7-year jail term for N50m fraud
By Joseph Ayinde
The Federal high court in Enugu has sentenced a former Guarantee Trust Bank staff, Onyekachi Nwosu to 7 years imprisonment over Fifty Million Naira fraud.
Justice R. O. Dugbo Oghoghorie found him guilty of abusing his position and using forged documents to induce his bank to grant a N50,000,000 loan facility, part of which he diverted to personal use.
Nwosu acting as account officer to Anyaso Chinedu, owner of Floxy Aluminum Odiofele Products Limited, induced Guarantee Trust Bank with forged documents into granting a loan of (N50,000,000) Fifty Million Naira to Floxy Aluminum Odiofele Products Limited.
The documents; “an application to Mortgage, consent to Mortgage, and Tripartite legal Mortgage”, decided GTB into believing that one Mrs. Adebimpe Foluke pledged her property as collateral for the Fifty Million Naira loan granted to Floxy Aluminum Odiofele Products Limited.
Further investigation revealed that the convict benefitted N40,000,000 out of the fraudulent loan, by directly withdrawing it from the account of Floxy Aluminum Odiofele Products Limited.
Justice Oghoghorie ordered the convict to also restitute the sum of Forty Million Naira to GTB and return the original certificate of occupancy to Mrs Foluke.
