The Enugu Division of the Court of Appeal has affirmed the seven-year prison sentence of Onyekachi Nwosu, a former Guaranty Trust Bank employee, for fraudulently obtaining N40 million from a N50 million loan scheme. Nwosu, prosecuted by the Economic and Financial Crimes Commission (EFCC), had appealed his 2021 conviction by Justice R. O. Dugbo Oghoghorie of the Federal High Court, Enugu, which found him guilty on nine counts of forgery and obtaining by false pretenses.
While the appellate court overturned Nwosu’s convictions on eight charges, it upheld the ninth count, which detailed his illegal receipt of N40 million as personal gratification from the loan granted to Floxy Aluminum Odiofele Products Limited. Justice Zainab Babe Abubakar, delivering the unanimous judgment of a three-member panel, emphasized that Nwosu’s admission and corroborating evidence from the EFCC’s first witness solidified his guilt under the Failed Banks (Recovery of Debts) and Financial Malpractices in Banks Act.
Investigations revealed Nwosu, as account officer to company owner Anyaso Chinedu, forged mortgage documents to deceive GTBank into approving the loan, falsely pledging a client’s property as collateral. He subsequently withdrew N40 million directly from the company’s account for personal gain. During the trial, EFCC prosecutor Mainforce Adaka Ekwu presented four witnesses and 16 exhibits, leading to Nwosu’s initial conviction.
The Appeal Court ruling concluded that the prosecution “proved its case beyond reasonable doubt” on the upheld charge, dismissing Nwosu’s bid to overturn the sentence. The EFCC hailed the judgment as a reinforcement of its mandate to combat financial crimes, while Nwosu’s legal team has yet to comment on potential further appeals.
