A former Bank Manager has been jailed for seven years over N50million fraud by a Lagos State High Court sitting in Ikeja, Lagos.
The manager identified as Efe Egube was sentenced by Justice Atinuke Ipaye and his conviction was secured by the Economic and Financial Crimes Commission (EFCC).
The convict, who was a Branch Manager of the defunct Oceanic Bank, was arraigned alongside his company, Ocean Energy Trading and Services Limited, sometime in 2014.
He was arrested on a 19-count charge bordering on obtaining money by false pretence to the tune of N50, 049,000.00, an offence contrary to Section 1(1) and (3) of the Advance Fee Fraud and Other
A petitioner alleged that between 2007 and 2008, the defendant used his position as a Branch Manager to facilitate the granting of a credit facility to the petitioner, which was disbursed in tranches.
The defendant was also said to have given the petitioner instruction to make payments into the accounts of some individuals and companies for the purchase of petroleum products to the tune of N50, 049,000.00.
However, the petroleum products were never supplied to the petitioner by the individuals and companies, thereby making it impossible for the petitioner to repay the loan when it became due.
He pleaded not guilty to the charge, thereby setting the stage for his trial.
Justice Ipaye also gave a restitution order against the convict and his company “for the repayment forthwith of the total amount obtained by false pretence.”