Justice S.S Ogunsanya of the Lagos High Court today 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. ”

wow

See retirement package nau.... Only 3 years for such hefty sum... If you are a petty thief in naija, sorry is your name.

cc;lalasticlala

Onwughalu, which people dey answer dis name sef? Abi na dem?