N66.6m fraud: Former Nigerian Bank MD jailed for Multiple Fraud

The Federal High Court, Awka, Anambra State has convicted and sentenced former managing director of Achina Microfinance Bank, Aguata, Jonathan Nnamdi Udemadu, to 11 months imprisonment for multiple fraud, according to Justice I. B. Gafai

on Monday the head of media and publicity of the Economic and Financial Crimes Commission (EFCC), Dele Oyewale, said the convict was prosecuted by the Enugu Zonal Office of the EFCC on nine-count charges of abuse of office, forgery, issuance of dud cheque and fraudulent conversion of depositors’ fund to the tune of N66,633,000.00.

The complainant, Achina Microfinance Bank, had petitioned the EFCC, alleging that the defendant, being its former managing director, granted N15 million unauthorized credit facility to Rommex Telecommunications Limited and also did the same to Noble Mike International Ltd, to the tune of N3 million and stood as their guarantor, without collateral.

In the course of the trial, prosecution counsel, Michael Ani, called three witnesses and tendered 21 exhibits to prove the charges against the defendant.

The defendant was convicted on all the nine counts with one month prison sentence on counts one to seven and two months each on counts eight and nine, which are to run concurrently starting from Thursday, July 23, 2020 date of conviction, the statement said.

Justice Gafai ordered the convict to restitute Achina Microfinance Bank Ltd the sums of money contained in the charge in line with Section 321(a) of the Administration of Criminal Justice, Act 2015.

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