On Wednesday, March 14, 2018, One Paul Onwughalu, a former Head of Operations, Union Bank Plc, Head office, Marina Lagos was convicted and sentenced to three years imprisonment by a Lagos State High Court sitting in Igbosere.
The convict was arraigned on Feb 24, 2014 on a four count charge filed against him by the Economic and Financial Crimes Commission (EFCC) before Justice S.S Ogunsanya of the Lagos State High Court.
The offence borders on failure to conduct due diligence in financial transaction to which the accused had earlier pleaded not guilty thereby setting the stage for his full trial.
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. ”
Delivering her judgment, Justice Ogunsanya with enough evidence presented by the prosecuting counsel, Fadeke Giwa, found the accused guilty and sentenced him to three years imprisonment on each count.