FCMB managers jump bail over N146m fraud trial

[Mirror]

Two managers of First City Monument Bank, FCMB, Chizoba Okpalangwu and Hadishatu Sule, being tried by the Special Fraud Unit, SFU, of the Nigeria Police for N146,633 million fraud, have allegedly jumped bail.

The SFU counsel, Frank Emerho, yesterday told Justice James Tsoho of the Federal High Court in Lagos.

Okpalangwu and Sule allegedly engaged in largescale fraud through the use of forged documents to obtain N146,633 million salary and loans from FCMB on behalf of a non-existent company, which they called Revue World Resources Limited.

After obtaining the loans, the managers were alleged to have transferred the fund to the account of another non-existent company in Sterling Bank by the name Bizmates Energy, to make the fund untraceable.

The bankers also instructed Sterling Bank to transfer the fund back to various accounts in FCMB.

The alleged shady deal came to light when Sterling Bank became suspicious and alerted FCMB. After a group internal audit, the FCMB eventually uncovered the fraud and petitioned SFU for further investigation.

The FCMB petition was jointly signed by its Head of Legal Services, Mr. Olufemi Adekunle and a counsel in the department, Mr. Adewale Fati.

After its investigation, SFU charged the bankers on a four-count charge comprising stealing and fraud.

The alleged offences contravene the provisions of Section 8 and punishable under Section 390 (7) of the Criminal Code Act, Cap C38, Laws of the Federation, 2004.

National Mirror