Court jails former acting bank manager 7 years for N29m fraud


A former acting managing director of Century Microfinance Bank Ltd. Robinson Olise has been sentenced to a jail term of seven years for N29 million fraud by a Federal High Court in Lagos.

Justice Okon Abang gave the sentence on Friday.

The Police Special Fraud Unit (SFU) had preferred a five-count charge of stealing, fraud, forgery, criminal breach of trust and uttering of document against Mr Olise.

The convict was said to have committed the offences while acting as the bank’s head from June 2008 to November 2009.

He was said to have converted to his personal use, the sum which was meant to purchase Central Bank of Nigeria (CBN) treasury bills.

Olise had pleaded not guilty to the charge on arraignment.

“The prosecution has been able to sufficiently prove the essential ingredients of the allegations against the defendant; consequently, I find the defendant guilty of all the counts of the charge,” Mr Abang said.

Defence counsel urged the court to temper justice with mercy on the grounds that Olise was his family’s breadwinner, adding that he was a first-time offender and had shown remorse.

“The convict was entrusted with investors’ monies and he inflicted pains on the investors, who lodged their monies in his bank, while he fraudulently moved the monies to his account.

“He is an avenger of evil, he is a fraudulent and lawless person; he planted thorns, he is not expected to gather flowers. Drastic situation deserves drastic solution.

“The convict is, hereby, sentenced to seven years’ imprisonment on count one, three years on count two, three years on count three, three years on count four and three years on count five.

“The terms of the sentence are to run concurrently,” Abang said.