N50m Fraud: Former financial institution supervisor sentenced to seven years imprisonment

N50m Fraud: Former bank manager sentenced to seven years imprisonment

The Financial and Monetary Crimes Fee, EFCC, has secured the conviction and sentencing of 1 Efe Egube, a former Financial institution Supervisor, to seven years imprisonment earlier than Justice Atinuke Ipaye of the Lagos State Excessive Court docket sitting in Ikeja, Lagos.


The convict, who was a Department Supervisor of the defunct Oceanic Financial institution, was arraigned alongside his firm, Ocean Vitality Buying and selling and Companies Restricted, someday in 2014 on a 19-count cost bordering on acquiring cash by false pretence to the tune of N50, 049,000.00, an offence opposite to Part 1(1) and (three) of the Advance Price Fraud and Different
Associated Offences Act No. 14 of 2006.


Egube’s journey to jail started after the Fee obtained a petition dated February 6, 2013 written by A.A. Malami, SAN & Co. on behalf of Sanusi Kamba, proprietor of Aminu Gandi Petroleum Restricted.


The petitioner alleged that between 2007 and 2008, the defendant used his place as a Department Supervisor to facilitate the granting of a credit score facility to the petitioner, which was disbursed in tranches.


The defendant was additionally mentioned to have given the petitioner instruction to make funds into the accounts of some people and firms for the acquisition of petroleum merchandise to the tune of N50, 049,000.00.

Nevertheless, the petroleum merchandise have been by no means provided to the petitioner by the people and firms, thereby making it unattainable for the petitioner to repay the mortgage when it turned due.


He pleaded not responsible to the cost, thereby setting the stage for his trial.
In the middle of the trial, the prosecution offered six witnesses
and tendered a number of paperwork that have been admitted in proof by the
courtroom in opposition to the defendant. The defendant, nonetheless, testified in his trial.

Delivering her judgment, Justice Ipaye convicted and sentenced Egube to seven years imprisonment on counts three, four, 5, 6, 7, eight, 9,10,11,12, 13 and 17.
The sentences are to run concurrently from the day of conviction.

Justice Ipaye additionally gave a restitution order in opposition to the convict and his firm “for the reimbursement forthwith of the entire quantity obtained by false pretence.”

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