The Enugu Division of the Court of Appeal has confirmed the seven-year imprisonment of Onyekachi Nwosu, a former Guaranty Trust Bank (GTB) employee, for his role in a N50 million loan fraud.
Nwosu was found guilty of using forged documents to secure a loan for Floxy Aluminum Odiofele Products Limited, falsely claiming that a property was pledged as collateral. Investigations revealed that Nwosu personally withdrew N40 million from the loan amount, which was part of the fraudulent scheme.
The Economic and Financial Crimes Commission (EFCC) prosecuted Nwosu on charges including forgery and obtaining money by false pretence. After a trial in 2021, the Federal High Court convicted him, a judgment he appealed.
However, a three-member panel of the Court of Appeal, led by Justice Zainab Abubakar, upheld the conviction related to the N40 million withdrawal, citing Nwosu’s own admission as evidence. The court set aside other counts but maintained the key conviction, affirming the sentence.
This ruling shows the judiciary’s firm stance against financial crimes within Nigeria’s banking sector. The EFCC continues to pursue accountability in similar cases to safeguard the integrity of the financial system.
