The Enugu Appeal Court has affirmed the seven-year prison sentence for Onyekachi Nwosu, a former GTB employee, convicted of N50 million loan fraud.
Consequently, the court upheld the Federal High Court’s 2021 judgment, bringing an end to Nwosu’s four-year legal battle.
Prosecutors from the EFCC’s Enugu office demonstrated that Nwosu forged mortgage documents to obtain loans for Floxy Aluminum Odiofele Products Limited, proving his guilt beyond doubt.
Evidence showed he personally withdrew N40 million from the company’s account, spending the funds illegally.
During the initial trial, EFCC lawyer Mainforce Adaka Ekwu presented four witnesses and sixteen exhibits.
Justice Oghoghorie found Nwosu guilty on multiple counts, including obtaining money through false pretenses and document forgery.
Nwosu appealed the verdict, but Justice Zainab Abubakar’s panel dismissed most challenges.
They upheld his conviction on Count 9, which involved knowingly facilitating the fraudulent loan.
Testimonies confirmed Nwosu admitted receiving N40 million from the transaction.
“The appellant’s confession proves his guilt beyond doubt,” Justice Abubakar declared, affirming the trial court’s decision.
This judgment strengthens the EFCC’s fight against banking sector fraud.
Financial experts praise the ruling as a deterrent, noting rising fraud cases in Nigerian banks.
The EFCC has pledged to intensify prosecutions, while GTB confirms tightened internal controls since Nwosu’s 2019 dismissal.
Nwosu’s case highlights vulnerabilities in loan approval processes, prompting calls for stricter oversight. Banking associations now require dual verification for high-value transactions, aiming to prevent similar scams.
As Nwosu begins his sentence, anti-graft agencies urge whistleblowers to report suspicious activities.
This landmark ruling demonstrates Nigeria’s judicial system holding financial criminals accountable, restoring public trust in banking institutions.
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