N50M FRAUD: EX-BANK MANAGER BAGS 7-YEARS JAIL TERM TODAY.{PHOTO}.

      The Economic and Financial Crimes Commission, EFCC, has secured the conviction and sentencing of one Efe Egube, a former Bank Manager, to

seven years imprisonment before Justice Atinuke Ipaye of the Lagos

State High Court sitting in Ikeja, Lagos.
The convict, who was a Branch Manager of the defunct Oceanic Bank, was
arraigned alongside his company, Ocean Energy Trading and Services

Limited, sometime in 2014 on a 19-count charge bordering on obtaining

money by false pretence to the tune of N50, 049,000.00, an offence

contrary to Section 1(1) and (3) of the Advance Fee Fraud and Other

Related Offences Act No. 14of 2006.
Egube’s journey to prison began after the Commission received a petition dated February 6, 2013 written by A.A. Malami, SAN & Co. on behalf of Sanusi Kamba, owner of Aminu Gandi Petroleum Limited.
The petitioner alleged that between 2007 and 2008, the defendant used
his position as a Branch Manager to facilitate the granting of a
credit facility to the petitioner, which was disbursed in tranches.The defendant was also said to have given the petitioner instruction to make payments into the accounts of some individuals and companies for the purchase of petroleum products to the tune of N50, 049,000.00.

However, the petroleum products were never supplied to the petitioner
by the individuals and companies, thereby making it impossible for the petitioner to repay the loan when it became due.
He pleaded not guilty to the charge, thereby setting the stage for his trial.

In the course of the trial, the prosecution presented six witnesses

and tendered several documents that were admitted in evidence by the

court against the defendant. The defendant, however, testified in his trial.

Delivering her judgment, Justice Ipaye convicted and sentenced Egube to seven years imprisonment on counts 3, 4, 5, 6, 7, 8, 9,10,11,12, 13 and 17.

The sentences are to run concurrently from the day of conviction.

Justice Ipaye also gave a restitution order against the convict and his company "for the repayment forthwith of the total amount obtained by false pretence.”