Banker Jailed 7 Years for N700M Fraud

Ayi being led out of the courtroom by EFCC officials.

Segun Atanda/
Justice Mojisola Dada of a Lagos State High Court, Ikeja, today jailed a banker, Nsa Ayi, seven years for N700 million fraud.
Ayi, who was a Relationship Officer with Coronation Merchant Bank, was arraigned by the Economic and Financial Crimes Commission.
He was first arraigned on February 26, 2018 on 11-count charge bordering on fraudulent accounting to the tune of N700 million.
He was accused of “conniving with unknown parties to move funds using customers’ electronic instructions meant for investment in the Federal Government of Nigeria (FGN) Bonds, Treasury Bills and Fixed Deposits”.
The defendant also altered instructions and falsified signatures of customers to transfer money into various accounts outside the bank, the EFCC also claimed.
The money was allegedly transferred in tranches into his Guaranty Trust Bank account number 0001600855 and his Zenith Bank account number 1002771899.
Count one reads: “That you, Nsa Ayi, on or about 4th day of February, 2015, being an employee of Coronation Merchant Bank, in Lagos within the Lagos Judicial Division with intent to defraud, falsified account No. 1990000158 belonging to African Alliance Insurance Plc in possession of your employer by debiting the said account to the tune of N172, 076, 712.33, using an instruction which you purported to have been issued by the said African Alliance Insurance Plc.”
Count two reads: “That you, Nsa Ayi, on or about 13th day of January, 2014, being an employee of Coronation Merchant Bank, in Lagos within the Lagos Judicial Division with intent to defraud, falsified account No. 2990001176 belonging to Ogunjemiyo E. Mascot in possession of your employer by debiting the said account to the tune of N4, 277, 000.00, using an instruction which you purported to have been issued by Ogunjemiyo E. Mascot.”
After all the counts were read to him, he pleaded not guilty, thereby setting the stage for his trial.
Counsel to the defendant, Robert Clarke (SAN) pleaded with the court to grant the defendant bail on the grounds that he needed to take his son abroad for surgery.
But the judge denied his bail application, noting that if his son was truly ill and needed medical treatment abroad, he should not be pleading with the court to allow him travel out with his entire family.
She consequently remanded the defendant in Kirikiri Prisons, Lagos.
However, during proceedings on March 6, the defendant changed his plea from not guilty to guilty.
The prosecution therefore reviewed the facts of the case and tendered documents that were admitted in evidence.
Subsequently, the judge convicted the defendant on all the charges and deferred sentencing till today.
The judge sentenced him to seven years imprisonment on each count of the charge, but said the sentences should run concurrently from the day of arrest.
She further held that all properties traced to the defendant should be confiscated till they amount to the sum of N700 million, which should be restituted to Coronation Merchant Bank.