Court jails Udemadu, former bank MD for N66.6m fraud

AWKA, Anambra, Nigeria-  A Federal High Court sitting in Anambra State  has sentenced former Managing Director of Achina Microfinance Bank, Aguata, Mr. Jonathan Nnamdi Udemadu to 11 months imprisonment.

Justice I.B. Gafai  convicted Jonathan Nnamdi Udemadu for multiple fraud, ranging from forgery, issuance of dude cheques and fraudulent conversion of depositors’ funds.

The convict who was charged to court by Enugu Zonal Office of the Economic and Financial Crimes Commission, EFCC on nine-count charge of abuse of office, forgery, issuance of dud cheque and fraudulent conversion of depositors fund to the tune of N66,633,000.00 (Sixty-Six Million, Six Hundred and Thirty-three Thousand Naira).

The complainant, Achina Microfinance Bank had petitioned the EFCC, alleging that the defendant, being its former managing director, granted N15 million (Fifteen Million Naira) unauthorised credit facility to Rommex Telecommunications Limited.

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He was also alleged to have  granted N3 million loan to Noble Mike International Ltd without collateral. On both occasion, Mr. Jonathan Nnamdi Udemadu stood as guarantor and waived provision of collateral required before granting any loan by Achina Microfinace Bank.

Udemadu  was convicted on all the nine counts with one month prison sentence on counts one to seven and two months each on counts eight and nine, which are to run concurrently starting from Thursday, July 23, 2020 date of conviction.

Justice Gafai also ordered Udemadu to pay restitution to Achina Microfinance Bank Ltd in the sums of money contained in the charge in line with Section 321(a) of the Administration of Criminal Justice, Act 2015.