GtBank Staff Jailed for 7 Years Over N50m Fraud

GtBank Staff Jailed for 7 Years Over N50m Fraud

THECONSCIENCE reports that a former GTBank employee has been jailed over fraud.

The ex-Guaranty Trust Bank GTBank staff, Onyekachi Nwosu, was convicted and sentenced to 7 years imprisonment by a Federal High Court in Enugu, over a Fifty Million Naira (50,000,000.00) 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 GTBank with forged documents into granting a loan of (N50,000,000.00) Fifty Million Naira to Floxy Aluminium Odiofele Products Limited.

MTN Nigeria, GTBank, Zenith Bank drop amid profit-taking

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.

Don’t miss: FG Begins Probe of MTN, Airtel, Others

Further investigation, revealed that the convict benefitted N40,000,000.00 (Forty Million Naira) out of the fraudulent loan by directly withdrawing it from the account of Floxy Aluminium Odiofele Products Limited.

Don’t miss: How Ministry Of Petroleum Spent N98.4m, N39m On Leaflets, Monitoring

Justice Oghoghorie ordered the convict to also restitute the sum of Forty Million Naira (N40 million) to GTBank and return the original Certificate of Occupancy to Mrs Foluke.