The Anambra State High Court sitting in the Onitsha area of the state has sentenced Nwachukwu Placidus, a former manager with First City Monument Bank (FCMB), Onitsha branch, to a cumulative 121 years imprisonment for diverting fixed deposit funds of a customer to the tune of N112,100,000 for his personal use.

Justice S. N. Odili, presiding judge, sentenced Placidus sentenced to jail on Friday.

The former FCMB manager was arraigned on 16-count charges bordering on forgery, stealing, obtaining by false pretence, and uttering by the Enugu Zonal Command of the Economic and Financial Crimes Commission (EFCC) on March 27, 2018.

One of the counts read: “Nwachukwu Placidus between February 2009 and November 2014 in Onitsha, Anambra State, within the jurisdiction of the Anambra State High Court of Nigeria with intent to defraud obtained the sum of N112,100,000 from Idemili Microfinance Bank under the false pretence that you have placed the said money in a fixed deposit account with First City Monument Bank Plc for it, which pretence you knew to be false and you thereby committed an offence.”

Placidus, according to a statement issued by Dele Oyewale, EFCC spokesperson, on Saturday, May 4, pleaded not guilty to the charges when they were read to him, setting the stage for his trial.

In the course of his trial, the EFCC, through its counsel, Mainforce Adaka Ekwu, presented four witnesses and tendered several relevant documents which were admitted in evidence.

In his judgement, Justice Odili held that “the prosecution proved its case beyond reasonable doubt” and sentenced Placidus to nine years imprisonment on count 3, four years on count 4, and nine years on counts 5 to 16, respectively. He was discharged on counts 1 and 2.

The judge added that the sentences will run concurrently.

Justice Odili further ordered the convict to restitute N112 million to his victim, Idemili Microfinance Bank.

DLM Trust, a subsidiary of DLM Capital Group is thrilled the announce the launch of DLM Single Asset Trust, a variant of the Living Trust construct that allows for a groundbreaking solution for individuals or Corporations seeking to establish single asset trusts for the benefit of themselves and their chosen beneficiaries.

The DLM Single Asset Trust guarantees that people’s assets are protected and managed in accordance with their intentions by operating under the tenets of trust, security, and careful management.

The DLM SAT offers a novel approach to trust services by fusing state-of-the-art technology with knowledgeable advice to enable people and families to effortlessly manage their assets.

DLM SAT enables individuals, often referred to as Settlors or Corporations, to create a single asset trust that will serve both their own and their designated beneficiaries’ purposes.

The Trust Fund may be started using the Settlor’s assets/funds and then expanded with future contributions in accordance with the Settlor’s goals. Only authorised individuals, including the settlor, can access the trust because of its strong independent and confidentiality level.

DLM Trust Company, acting as the designated Trustee, holds the Fund in trust and manages it for the benefit of the Settlor and designated Beneficiaries.

In a statement, MD of DLM Trust, Lola Razaaq commented on the introduction of the DLM Single Asset Trust, stating that it is a means of establishing a timeline for legacy preservation.

“As a game-changer in the trust services industry, the DLM SAT is our newest offering, and we are thrilled to announce this important milestone for DLM Trust.”

The aim of our organisation is to equip people and families with the necessary resources and assistance to safeguard and maintain their heritage for future generations. “Furthermore, we are transforming the concept of future planning with DLM Single Asset Trust.” she said.

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United Bank for Africa (UBA), Africa’s Global Bank held the second edition of its expanded Graduate Management Acceleration Programme (GMAP) class of 2024, where 398 young Africans were inducted into the UBA Tribe after a rigorous six-month hands-on-work and learning experience.

The event, which was held in a grand ceremony in Eko Hotel, Lagos on Thursday, was graced by esteemed guests, the UBA management, faculty members, mentors, and the graduating class.

The granduads are from six African countries, including Nigeria, Ghana, Cameroun, Kenya, Tanzania and Zambia.

Addressing the gathering, UBA’s Group Chairman, Tony Elumelu, who congratulated all the graduates, expressed profound pride and admiration for their success having completed the intense capacity-building programme, combining learning with on-the-job training experience, garnered while rotating across several departments and units in the bank.

Elumelu took time to highlight the bank’s passion for youth empowerment in Africa, while bridging the unemployment gap, which according to him, remains one of the greatest challenges of the continent.

“For me these young UBA Graduates are a testament to who we are: a truly pan-African Group, that invests in African talent.This milestone is more than just numbers. It signifies UBA’s commitment to youth empowerment. Unemployment is the greatest challenge we face – a tragic and cruel betrayal of a generation. We know governments alone cannot create all the jobs we need – so it is up to us, the African private sector, to partner our government in improving lives and livelihoods. This is Africapitalism, and it is gratifying to see UBA play its part. UBA is dedicated to creating a positive impact, through the GMAP programme UBA is creating employment, boosting economic growth, and transforming lives across Africa,” Group Chairman said.

Continuing, he said, “At UBA, identifying these young ones, bringing them to the centre, training them, equipping them for the future and the task ahead, not just for a career in UBA, but wherever they end up remains our passion, because this is how we play our role as a Pan-African bank, in helping to empower the next generation, which is the African youth. We are helping to create employment and this for us is our driving force.”

Earlier in his speech, UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, commended the graduating class for their unwavering commitment and emphasized the program’s role in cultivating the next generation of UBA leaders.

“Your dedication, resilience, and unwavering commitment have been nothing short of inspiring. Each of you has demonstrated the qualities of a true UBA ambassador, and today, we celebrate not just your achievements but also the collective strength of our UBA family.

While recognizing the invaluable support extended by families and friends, the GMD said, “Let us take a moment to express our deepest appreciation for their steadfast support as the invaluable support of your families and friends throughout this journey. Their love, encouragement, and understanding have undoubtedly played a pivotal role in your success.”

UBA’s Group Head, Human Resources, Modupe Akindele, said the bank remains committed to nurturing talent and leadership within the organisation. She noted that the GMAP programme, which marked its second graduation will be a continuous initiative, as it culminates an intensive journey towards leadership excellence.

“Already, the programme has graduated over 1,100 graduates, that is about 700 in 2023 and now we have 398 graduates. The fact remains that at UBA, we believe in equal opportunity for all, regardless of age, tribe, gender, or background; and so, we will continue to pursue our dream to nurture these young ones to their full potential,” she added.

United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty-five million customers, across over 1,000 business offices and customer touch points, in 20 African countries and across 4 continents.

With presence in the United States of America, the United Kingdom and France and more recently the United Arab Emirates, UBA is connecting people and businesses across Africa through retail; commercial and corporate banking; innovative cross-border payments and remittances; trade finance and ancillary banking services.