Former Banker Bags 12 Years in Prison for N450m Bank Fraud

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Former banker, Paul Onwughalu, who was a Head of Operations of Union Bank Plc, has been convicted and sentenced to 12 years in prison for a bank fraud in the amount of 450,000,000 (Four Hundred and Fifty Million Naira). The case was brought by the Economic and Financial Crimes Commission (EFCC) and Justice S.S. Ogunsaya of Lagos High Court delivered the judgment on March 14, 2018.

According to EFCC record, 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. ”

 

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