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.

Click to comment

Leave a Reply

Your email address will not be published.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

ad

You May Also Like

Business

QNET, a global lifestyle and wellness-focused direct-selling company, has recently become aware of fraudulent activities being carried out in the name of its CSR...

Tech

MasterCard and Onafriq, a pan-African payments provider, have partnered to provide a range of payment solutions to consumers and small and medium-sized businesses across...

Opinion

South Africa’s ecommerce sector is expected to exceed USD21 billion by 2025, with more than one billion transactions per year. This is largely due...

News

Economic and Financial Crimes Commission (EFCC) has filed a three-count charge against popular Instagram celebrity, Pascal Okechukwu, also known as Cubana Chief Priest, for...