Former Oceanic Bank Branch Manager sentenced to 7 years in prison over N50m fraud
A former Branch Manager at defunct Oceanic Bank, Efe Egube, has been sentenced to seven years imprisonment.
Egube was, in 2014, along with his company Ocean Energy Trading and Services Limited, charged on 19 counts bordering on fraud.
He was said to have deceitfully collected over N50 million from one Sanusi Kamba, owner of Aminu Gandi Petroleum Limited.
Kamba, through his legal representative, alleged that between 2007 and 2008, Egube used his position as a Branch Manager to facilitate the granting of a credit facility. The credit facility was disbursed in tranches.
He was said to have acted on Egube’s instruction to make payments into the accounts of some individuals and companies for the purchase of petroleum products. A total of N50,049,000 was eventually paid by Kamba.
The petroleum products were, however, never supplied to the petitioner by the individuals and companies, thereby making it impossible for Kamba to repay the loan when it became due.
Egube had pleaded not guilty to the charges.
In the course of the trial, the prosecution presented six witnesses and tendered several documents that were admitted in evidence by the court against Egube.
Justice Atinuke Ipaye of the Lagos State High Court sitting in Ikeja, Lagos, found him guilty on 12 of the 19 counts and sentenced him to seven years for each of them.
The sentences are to run concurrently from the day of conviction.
