N66.6m Fraud: Former Nigerian Bank MD Jailed | TimeTestedNews


Former Managing Director of Achina Microfinance Bank, Aguata, Jonathan Nnamdi Udemadu, has been sentenced to 11 months imprisonment for multiple fraud.

He was convicted by Justice I. B. Gafai of the Federal High Court, Awka, Anambra State.


Udemadu was prosecuted by the Enugu Zonal Office of the Economic and Financial Crimes Commission (EFCC).

He was arraigned on nine-count charges of abuse of office, forgery, issuance of dud cheque and fraudulent conversion of depositors fund to the tune of N66,633,000.

Achina Microfinance Bank had petitioned the EFCC, alleging that the defendant, granted N15million unauthorised credit facility to Rommex Telecommunications Limited.

The convict also did the same to Noble Mike International Ltd, to the tune of N3million.

In both cases, Udemadu stood as their guarantor, without collateral.

During trial, prosecution counsel, Michael Ani, called three witnesses and tendered 21 exhibits to prove the charges.

Udemadu was convicted on all the nine counts.

He received one month prison sentence on counts one to seven and two months each on counts eight and nine.

The sentences are to run concurrently from July 2020.

Justice Gafai ordered Udemadu to restitute Achina Microfinance Bank Ltd the sums of money contained in the charge in line with Section 321(a) of the Administration of Criminal Justice, Act 2015.