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It has been widely reported that a former Guaranty Trust Bank staff, Onyekachi Nwosu, has been convicted and sentenced to 7 years imprisonment by Federal High Court in Enugu, over a Fifty Million Naira (50,000,000.00) fraud.

Justice R. O. Dugbo Oghoghorie found him guilty of abusing his position and using forged documents to induce his bank to grant a N50,000,000 loan facility, part of which he diverted to personal use.

As account officer to Anyaso Chinedu, owner of Floxy Aluminium Odiofele Products Limited, Nwosu induced Guaranty Trust Bank with forged documents into granting a loan of (N50,000,000.00) Fifty Million Naira to Floxy Aluminium Odiofele Products Limited.

The documents; “An application to Mortgage, Consent to Mortgage and Tripartite Legal Mortgage”, deceived GTB into believing that one Mrs. Adebimpe Foluke pledged her property as collateral for the Fifty Million Naira loan granted to Floxy Aluminiun Product Ltd.

Further investigation, revealed that the convict benefitted N40,000,000.00 (Forty Million Naira) out of the fraudulent loan by directly withdrawing it from the account of Floxy Aluminium Odiofele Products Limited.

Justice Oghoghorie ordered the convict to also restitute the sum of Forty Million Naira (N40 million) to GTBank and, return the original Certificate of Occupancy to Mrs Foluke.

However, lots of media platforms have been waiting for the self acclaimed giant bank in Nigeria to either release a statement on the issue or comment , but nothing has been quoted from the bank as at the time of this report, confirmed news revealed.

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