Connect with us

    Hi, what are you looking for?

    Security & Crime

    Nwosu, Ex-GTB Staff Jailed for N50m Fraud

    Onyekachi Nwosu, a former Guaranty Trust Bank (GTB) staff, has been sentenced to seven years imprisonment by a Federal High Court, Enugu, over N50 million 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.

    As account officer to Anyaso Chinedu, owner of Floxy Aluminium Odiofele Products Limited, Nwosu induced Guaranty Trust Bank with forged documents into granting a loan of N50 million to Floxy Aluminium Odiofele Products Limited.

    The documents; “An application to Mortgage, Consent to Mortgage and Tripartite Legal Mortgage”, deceived GTB into believing that one Mrs. Adebimpe Foluke pledged her property as collateral for the Fifty Million Naira loan granted to Floxy Aluminiun Product Ltd.

    Further investigation, revealed that the convict received N40 million out of the fraudulent loan by directly withdrawing it from the account of Floxy Aluminium Odiofele Products Limited.

    Justice Oghoghorie ordered the convict to also restitute N40 million to GTB and return the original Certificate of Occupancy to Mrs Foluke.

    Spread the love
    Click to comment

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    ad

    You May Also Like

    Opinion

    By Ursula Fear, Senior Talent Program Manager at Salesforce The conversation about AI and the workforce has been dominated by one word: replacement. However,...

    News

    Federal Government has described as false, baseless, despicable and divisive reports claiming that terrorists operating in Nigeria are engaged in a systematic genocide against...

    News

    Russia has carried out one of the largest aerial attacks of the war on Ukraine, firing over 600 drones and missiles in a coordinated...

    World

    Cuba has announced the death of Assata Shakur, the American-born Black militant who lived as a fugitive for more than four decades after her...