N14.2m fraud: Banker gets four-year jail term

Kazeem Ibrahym


JUSTICE Joseph Oyewole of an Ikeja High Court on Monday sentenced an Operation Manager with the Port Harcourt Branch of Wema Bank Plc, Pascal Okere, to four years imprisonment for his involvement in N14.2m fraud without an option of fine.



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The Economic and Financial Crimes Commission had arraigned the convict on a three-court charge of failure to exercise due diligence.

According to the anti-graft agency, the offence is contrary to Section 7(3) (b) of the Advance Fee fraud and other Related Offence Act.

The judge also banned the convict from practicing as a banker for three years after serving the jail term.

Okere was arrested on December 28, 2007 and 'pleaded guilty' to the three-count charge.

The accused had through his lawyer, Chidozie Ukachukwu, entered into a plea bargaining with the lawyer to the EFCC, Mr Aliyu Yusuf.

In his judgment, Justice Oyewole convicted Okere and said "I have considered the allocution (plea for leniency) and I know that banking is based on trust.

"Therefore, bankers are supposed to exhibit the highest level of integrity and as deterrent, I hereby sentenced the defendant (Okere) to four years imprisonment without an option of fine on count 1, 2 and 3.

"Sentence is to start from December 28, 2007 and it is to run concurrently and he shall be banned for three years from practicing as a banker."

The EFCC had claimed that convict had between August 4 and 21, 2006 failed to exercise due diligence in relation to conduct of financial transactions with one Kunle Awoluyi (now late).

Okere was accused of confirming a forged Satellite Oil and Gas Int. Ltd' Wema Bank cheques written in the name of one Femi Adeyemi.

The forged cheques which were later presented to one Adeyemi Folashade, an official of Lepal House branch of WEMA Bank in Lagos , were credited by Folashade to the account of Awoluyi.

The development had facilitated the crediting and withdrawal of the said sum from the fraudulent account opened by Awoluyi on different occasions.

The transactions which were carried out on three different occasions includes N8.5m, N4.8m and .9m totalled N14.2m.

That punk should be a given a life sentence, 4 years is not enough.