The Enugu Division of the Court of Appeal upholds a seven-year prison sentence for Onyekachi Nwosu, a former employee of Guaranty Trust Bank (GTB), due to his involvement in a loan fraud exceeding 50 million Naira.
This was disclosed via, it’s official X( formally Twitter)handle on Thursday .
Nwosu was charged with multiple offenses, including forgery and tricking the bank into lending money based on false information. The Economic and Financial Crimes Commission (EFCC) prosecuted him, and he was found guilty by Justice R. O. Dugbo Oghoghorie in January 2021.
As an account officer, Nwosu deceived GTB by using a fake document that falsely claimed a woman, Mrs. Adebimpe Foluke, had used her property as collateral for a loan to a business called Floxy Aluminum Odiofele Products Limited. Investigators found that he had withdrawn 40 million Naira from the company’s account as part of this fraud.
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During the trial, prosecutors presented evidence, including testimonies from four witnesses. The court concluded that the EFCC had successfully proven their case against Nwosu.
Dissatisfied with the ruling, Nwosu appealed the decision, asking the Appeal Court to overturn the conviction. The prosecution, on the other hand, urged the court to maintain the original verdict.
The Appeal Court agreed with the trial court’s decision for Counts one to eight but upheld the conviction on Count nine. This specific charge stated that, while working at GTB, Nwosu had knowingly processed and facilitated the fraudulent loan for Floxy Aluminum, taking 40 million Naira for his personal gain.
In a unanimous decision, a panel of three judges, led by Justice Zainab Babe Abubakar, affirmed that Nwosu’s own admission of receiving the 40 million Naira supported the conviction. Therefore, they concluded that the trial court’s decision regarding Count nine was justified.
