Former bank manager jailed for 7 years over N50million fraud

A former Bank Manager jailed for 7 years over N50million fraud by a Lagos State High Court sitting in Ikeja, Lagos.

The manager identified as Efe Egube was sentenced by Justice Atinuke Ipaye and his conviction was secured by The Economic and Financial Crimes Commission, EFCC.

Former bank manager jailed for 7 years over N50million fraud lailasnews
Former bank manager jailed for 7 years over N50million fraud

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. 14 of 2006.

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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.

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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.”


  1. I hope this serves as example to others who are engaged in something like this, this speaks of no dignity

  2. The number of years they gave him is small, well maybe it’s because they collected back the money.

  3. Nice one. I wish efcc will keep fishing them out and keep sending them to prison. That will deterred others too.

  4. If Mr Eve still thinks he is innocent, he should appeal the judgement. But for now, he should prepare himself to serve his jail term.

  5. This bank manager may not be guilty, but whether guilty or guiltless, the law must take it cause for others to learn.

  6. At least others will learn from u, enriching ur purse through a fraudulent means is highly immoral

  7. This shows that there is still a sense of justice in Nigeria; especially Lagos state to be precised. An example for everyone.

  8. With all this evidence against him, he is still pleading not guilty… Hmmm you cannot eat ur cake and still have it..

  9. Every day for the thief and one day for the owner. This is justice well served indeed. Kudos to our Judicial system.

  10. This is what happens when the bible talks about the love of money is the root of all evil………… When you love money you end up doing all sorts of things to get the money……………

  11. This will serve a lesson for a lot of people
    Efcc is trying but I wish they focus more on politicians

  12. It’s bad for a whole bank manager to commit such a crime what a shame I pity his family for the disgrace

  13. What a pitty indeed. Going to prison like a chicken. You should have taken your ten fingers far away from unlawful acts and do your work diligently rather than zigzag way. Well enjoy the bed you laid for yourself.

  14. That’s what happens when you defraud someone of his hard earned money,judgement always comes at last.

  15. EFCC has done well. Others who are using their post to commit fraud will have to think twice

  16. This love of money is everywhere, am afraid that love money will destroy the this world one day. Everybody loves money

  17. What a shameless man he deserves to be jailed others are looking for that position of job and he is there focused his mind to dupe people

  18. Huge amount of money by bank manager this is bad is he not being paid in the bank that he decided to commit such fraud. He will serve the rest of his life in jail that’s good for him.

  19. You don’t even have strong back up and u dey dupe people, guy u fall my hand anyways go chill for younder for 7 yrs next u won’t try that shit again.

  20. 50m ,this is Block ,they should check very well if that guy is really guilty he should face his punishment.

  21. Some people are just dubious he’s among the people that make oceanic to run down. No one to trust again

  22. Government should do the needful thing that need to be done so people can remove there eyes from stealing and fraud.

  23. Defrauding people of their hard earned money and you think yours would be better. How the tables have turned….

  24. Problem everywhere, you can not end a day without fruad news in this country, God help us and I hope he has learnt his lessons

  25. correct judgment from the court, we should be expecting more of this from the beginning of this year.

  26. Others should learn from this corruption is a bad thing.look at your life now bcs of is a pity

  27. Na wahoo…….. Most of these top ogas are fraudsters. That’s how they live large on other people’s money

  28. I’m so very tired of hearing news of fraud all the time.. Cant one just hear something positive in this new year.

  29. I’m so very tired of hearing news of fraud all the time.. Cant one just hear news of positive things for ones in this new year

  30. How can u give me loan and still tell me how to do my business? That’s when the petitioner should have known that he’s not genuine

  31. corruption is everywhere in Nigeria, one should always be smart when it comes to issues of money or get duped.

  32. Even a bank manager involved in fraud, where is his integrity, if as a bank manager he still engage in fraud then he has to take up his jail term, so bad for him

  33. Every body in Nigeria with there selfish interest….enjoy the money when you are out of jail.. Seven years is not much.

  34. I pity him that’s what he used in spoiling his career. Enjoy your 7 years stay bro manager by the time you come you have learnt your lessons

  35. You can’t lick someone else’s sweat, same as you can’t steals someone’s money and go free. You will get caught one day

  36. Too many fraud in this country. One cannot be faithful and account for a job given to him without soiling his hands. This is too bad.

  37. He is now in a double mess. He was sentenced to 7years in preson and will still have to pay all the looted finds. That is what GREED brings along

  38. There is definitely always one day for the thief….it might take time but one day it will b open…..d public must know…..o boy abeg complete your remaining foo
    d 4 jail…..7 yrs no b small thing o
    A lesson for all:think about the consequences of your action not jus the temporary enjoyment

  39. Nigeria be like the bigger the money u steal the lower the sentence .if poor man thief 200k na life imprisonment

  40. Why will a whole bank manager be involved in such crime as fraud. He has forgotten that the law will eventually catch up with him.

  41. That’s better for him, he should refund the money as court has ruled. Try to get rich at all cost or through back door will have surely have consequence. Cool yourself there.

  42. That serves him right, all criminals should face the law. Imagine that huge amount of money.

  43. Good job Efcc…you people should keep on arresting all this thief politicians that keeps on embezzling our money

  44. It is a welcome development that he has been convicted. I am sure this will serve as a warning to those who are involved in such act to desist, if at all they will learn


  46. That is a welcome development very good judgement at least it will serve as a note of warning to others who’re planning to do same.

  47. he is still pleading not guilty… One cannot be faithful and account for a job given to him without soiling his hands.

  48. Seriously, as far as I’m concerned, virtually all bank managers are fraudulent. He’s not the only one.

  49. What difference does it make to gather all this money and yet dont live a free life. Can’t we just have people who are really sincere in all dealings in this nation?

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