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EFCC secures conviction of former Bank MD over N66m fraud

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tiamin rice

The Economic and Financial Crimes Commission, EFCC, has secured the conviction of a former managing director of Achina Microfinance Bank, Aguata, Jonathan Udemadu, over N66,633,000.00 fraud.

In a statement on Monday, the EFCC’s Head, Media & Publicity, Dele Oyewale, said Mr Udemadu was sentenced to 11 months imprisonment by Justice I.B. Gafai of the Federal High Court, Awka, Anambra State.

According to the statement, the former MD was convicted and sentenced 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.

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The complainant, Achina Microfinance Bank had petitioned the EFCC, alleging that the defendant, being its former managing director, granted N15million unauthorised credit facility to Rommex Telecommunications Limited and also did the same to Noble Mike International Ltd, to the tune of N3million, and standing as their guarantor, without collateral.

The prosecution counsel, Michael Ani, called three witnesses and tendered 21 exhibits to prove the charges against the defendant.

He 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.

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Justice Gafai also ordered the convict to reimburse 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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