A former manager with a branch of First City Monument Bank, FCMB in Onitsha, Anambra State, Nwachukwu Placidus, has been sentenced to a cumulative 121 years imprisonment for stealing N112 million belonging to a customer.

Placidus was arrested following a petition by Idemili Microfinance Bank LTD to the Economic and Financial Crimes Commission, EFCC.

The management of the Microfinance back said the sum of N112 million was handed over to him as the branch manager of FCMB in Onitsha, for fixed deposit.

However, the petitioner said when the FCMB was approached to terminate and withdraw the deposit, the bank denied receiving the said funds.

“Upon receipt of the petition, the EFCC swung into action and investigations revealed that the convict diverted the money for his own use and issued a fake fixed Deposit Certificate to the petitioner,” Dele Oyewale, spokesperson for the EFCC said in a statement.

Consequently, Placidus was arraigned on Tuesday, March 27, 2018 on 16-count charges bordering on forgery, stealing, obtaining by false pretence and uttering, by the Enugu Zonal Command of the Economic and Financial Crimes Commission, EFCC.

One of the counts reads: “Nwachukwu Placidus between February 2009 and November 2014 in Onitsha, Anambra State within the jurisdiction of the Anambra State High Court of Nigeria with intent to defraud obtained the sum of (N112,100,000) One Hundred and Twelve Million, One Hundred Thousand Naira only, from Idemili Microfinance Bank under the false pretence that you have placed the said money in a fixed deposit account with First City Monument Bank PLC for it, which pretence you knew to be false and you thereby committed an offence”.

He pleaded not guilty to the charges when they were read to him, thus setting the stage for his trial.

In the course of trial, the EFCC, through its counsel, Mainforce Adaka Ekwu presented four witnesses and tendered several relevant documents which were admitted in evidence.

While delivering his judgment, Justice S. N. Odili of the Anambra State High Court sitting in Onitsha, Anambra State, held that “the prosecution proved its case beyond reasonable doubt” and sentenced the convict to nine years imprisonment on count 3, 4 years on count 4 and 9 years on counts 5 to 16 respectively. He was discharged on counts 1 and 2. The sentences shall run concurrently.

The court further ordered the convict to restitute the said sum to his victim, Idemili Microfinance Bank.

Fitch, a global rating agency, has reviewed Nigeria’s outlook to positive from stable.

A credit rating is a measure of how likely a company or government entity can pay back its debts, based on an independent assessment of its financial health.

Fitch, in a statement on May 3, said the positive outlook partly reflects reforms implemented over the past year to support the restoration of macroeconomic stability and enhance policy coherence and credibility.

“Exchange rate and monetary policy frameworks have been adjusted, fuel subsidies reduced, coordination between the ministry of finance and the Central Bank of Nigeria (CBN) improved, central bank financing of the government scaled back and administrative efficiency measures are being taken to raise the currently low government revenue, as well as oil production,” Fitch said.

Fitch said the reforms have lessened distortions stemming from previous “unconventional monetary and exchange rate policies,” leading to the return of sizeable inflows to the official foreign exchange (FX) market.

“Nevertheless, we see significant short-term challenges, notably, inflation is high and the FX market has yet to stabilise, and the durability of the commitment to reform is to be tested,” the credit agency said.

“The CBN has stepped up efforts to reform the monetary and exchange rate framework following last year’s unification of the multiple exchange rate windows, and the large differential between the official and parallel market rates has collapsed.

“Average daily FX turnover at the official FX window has risen sharply from 2H23, and there has been clearance of USD4.5 billion of the backlog of unpaid FX forwards (the validity of the outstanding USD2.2 billion is being assessed by CBN), and weekly sales of FC to bureaux de changes (BDCs) have resumed (having been suspended since 2021).”

‘RETURN OF SIZEABLE NON-RESIDENT INFLOWS’

Fitch said increased formalisation of FX activity and monetary policy tightening has contributed to a notable rise in foreign portfolio investment inflows and a fast appreciation of the naira at the official FX window.

According to the company, this followed the 71 percent “post-liberalisation depreciation between June 2023 and mid-March 2024”.

However, the credit rating agency said the exchange rate remains volatile.

Fitch said the continued lack of clarity on the size of net FX reserves is a constraint on Nigeria’s sovereign’s credit profile.

‘FURTHER MONETARY POLICY TIGHTENING ANTICIPATED’

In March, the Central Bank of Nigeria (CBN) raised the monetary policy rate (MPR), which benchmarks interest rates, from 22.75 percent to 24.75 percent.

Fitch said it expects further increases in the CBN monetary policy rate in the second half of 2024 and “strengthening of monetary policy transmission, after the recent resumption of open market operations at rates closely aligned to the MPR”.

“We project inflation, which rose to 33.2% yoy in March due partly to exchange rate pass-through and rising food prices, to average 26.3% in 2024 and 18.2% in 2025, still well above our projected ‘B’ median of 4.5%,” Fitch said.

In December 2023, Moody’s, a US-based rating agency, also revised its outlook for Nigeria from stable to positive.

A Nigerian man, identified as Israel Joe, has narrated how his friend, Roseline, died after she was pushed into a boiling pot of fresh pepper and tomatoes by her two female friends in Sapele, Delta State.

Joe stated that Roseline, a caterer, went on a trip with her friends to Sapele for a catering job where she tragically passed away on Saturday, April 13.

In a Facebook post on Friday, Joe said that before her untimely death, Roseline confided in him about two of her friends who were treating her coldly.

He urged the Nigeria Police to investigate and arrest the killers of Roseline, pointing out that no progress has been made in the case since her murder.

Joe’s post read, “She was pushed into a big boiling pot of fresh pepper and tomatoes by her friend on Saturday, 13th April. She battled for about two weeks with her roasted/boiled body and finally ḍíęɗ last week Friday 26th April.

“Nobody in the neighborhood in Otokutu knew Roseline had been allegedly kíIIed by these same friends. She was buried with no one to bid her goodbye and with no single bųríaI poster to honour her. Just two days in the morgue, the mørtųarƴ attendants demanded she be carried away to be buried.

“She traveled with them for a catering job in Sapele where they were speaking their local language with this Yoruba girl, Rozzy, not understanding their conversation.

“All of a sudden, she landed in a very big pot of boiling fresh pepper and tomatoes where they even still delayed in rescuing her. She was later rushed to Sage Hospital by Estate in Warri, where they managed the situation, but my friend couldn’t make it.”

Joe said he was pained that those responsible for her death were still walking free.

He added, “What pains me is that these two girls are still walking and gallivanting everywhere like nothing happened. I hate intimidation and oppression, especially against non-indigenous persons. The police must smoke them out so they can face the law. Na God dey help who nor get helper.

“We shall fight for Rozzy. You can not just be kíIIęɗ like a chicken and bųřried like an aŋímąl. Nobody deserves such a hørribIe dęąth. We never got to meet Rose, only chatting on Facebook due to endless busy schedules only to see you, at the most disgusting sight at Sage Hospital, hoping for your recovery, but dęąțĥ stole you Justice shall prevail, including if you would be exhumed.”