Ex-Union Bank Staff Jailed Three Years For N450m Fraud

Justice S.S Ogunsanya of the Lagos High Court  sentenced Paul Onwughalu, a former Head of Operations, Union Bank Plc, Head Office, Marina, Lagos to three years imprisonment.

Onwughalu was arraigned by the Economic and Financial Crimes Commission, EFCC, Lagos Zonal office on February 24 on a four-count charge bordering on failure to conduct due diligence in financial transactions.

One of the counts reads:

“ That you, Paul Onwughalu, on or about the 9th of January, 2013, at Lagos within the Ikeja Judicial Division, whilst being an employee of Union Bank Plc, failed to exercise due diligence in relation to the conduct of financial transactions with one DanKawu Bureau De Change by confirming and authorizing payment of the sum of N450,000,000 (Four Hundred and Fifty Million Naira) fraudulently transferred by hacking into Union Bank database (flexcube) and transferring the said sum to Union Bank Plc account of one DanKawu Bureau De Change domiciled in Union Bank, Head Office Branch, Marina, Lagos and thereby facilitated the crediting and withdrawal of the said sum by one DanKawu Bureau De Change to various accounts in Ecobank, Diamond Bank, Zenith Bank, United Bank for Africa and Dankawu Bureau De Change. ”

The accused claimed he was not guilty of the accusation he had been offered, thus setting the scene for his full trial. During the trial, prosecutor Fadeke Giwa submitted several witnesses and appealed to various documents accepted by the court. The counselor to the convict, O. Fagbemi, urged the court to restore justice to mercy in his client's conviction. Judging by the decision, Ogunsanya found the accused guilty and sentenced him to three years' imprisonment in each count.

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