A former Guaranty Trust Bank (GTB) staff, Onyekachi Nwosu, has been convicted and sentenced to seven years imprisonment by a Federal High Court, Enugu, over N50 million fraud.

The Economic and Financial Crimes Commission (EFCC), which prosecuted Nwosu, disclosed this in a statement obtained by The Herald.

According to the statement, Justice R.O. Dugbo Oghoghorie found Nwosu 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.

The anti-graft agency disclosed that Nwosu, who was the account officer to Anyaso Chinedu, owner of Floxy Aluminium Odiofele Products Limited, induced Guaranty Trust Bank with forged documents into granting a loan of N50 million to Floxy Aluminium Odiofele Products Limited.

The documents; “An application to Morgage, Consent to Morgage and Tripartite Legal Mortgage” were said to have deceived GTB into believing that one Mrs. Adebimpe Foluke pledged her property as collateral for the N50 million loan granted to Floxy Aluminiun Product Ltd.

EFCC said that further investigation revealed that the convict benefitted to the tune of N40 million 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 N40 million to GTB and return the original Certificate of Occupancy of Mrs Foluke’s property to her.