Union Bank ex-staff jailed three years for N450m fraud.
Justice S.S Ogunsanya of the Lagos High Court today sentenced Paul Onwughalu, a former Head of Operations, Union Bank Plc, Head Office, Marina, Lagos to three years imprisonment.
Onwughalu was arraigned by EFCC , Lagos Zonal office on February 24 on a four-count charge bordering on failure to conduct due diligence in financial transactions.
One of the counts reads:
“ That you, Paul Onwughalu, on or about the 9th of January, 2013, in Lagos, 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 N450m 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.”
Mr Paul pleaded not guilty to the charge preferred against him, thereby setting the stage for his full trial.
In the course of the trial, the prosecution counsel, Fadeke Giwa, presented a number of witnesses and tendered various documents that were admitted in evidence by the court.
Counsel to the convict, O. Fagbemi, pleaded with the court to temper justice with mercy in sentencing his client.The accused pleaded not guilty to the charge preferred against him, thereby setting the stage for his full trial.
Delivering her judgement, Justice Ogunsanya found the accused guilty and sentenced him to three years imprisonment on each count.

Photo credit: Getty