Court Jails Ex-Union Bank Staff 12 Years For N450m Fraud

A Lagos State High Court, on Wednesday, sentenced Mr Paul Onwughalu, a former Head of Operations, Union Bank Plc, Head Office, Marina, to 12 years in prison.

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

Advertisement

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 450,000,000 (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 had pleaded not guilty to all the charges brought up against him, thereby setting the stage for his full trial.

Delivering her judgement, Justice S.S. Ogunsanya sentenced the accused to three years in prison on each count, after finding him guilty.

Leave a comment

Advertisement