Merchant bank relationship officer steals, transfers money to GTB, Zenith bank

The Economic and Financial Crimes Commission, EFCC, Lagos Zonal office, on May 4, 2018, secured the conviction and sentencing  of Nsa Ayi, a former Relationship Officer,  Coronation Merchant  Bank,  to seven years imprisonment before Justice Mojisola Dada of the Lagos State High Court, Ikeja,  Lagos.  

 The convict, who was arraigned on February 26, 2018, on an 11-count charge bordering on fraudulent  accounting to the tune of N700, 000, 000.00 was said to have  connived 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 allegedly altered instructions and falsified signatures of customers to transfer money into various accounts outside the bank.

The money was allegedly transferred in tranches into his Guaranty Trust Bank account No. 0001600855 as well as his Zenith Bank account No. 1002771899.

One of the counts reads: “That you, Nsa Ayi, on or about 4^th 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.”

Another count reads: “That you, Nsa Ayi, on or about 13^th 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.”

When the 11-count charge was read to him,  he pleaded not guilty, thereby setting the stage for his full trial. 

Counsel to the defendant, Robert Clarke,  SAN, had pleaded with the court to grant the defendant  bail on the grounds that he needed to take his son abroad for surgery.

However, the prosecution had opposed the bail application, saying that “he is a flight-risk who had plans to relocate with his entire family to the United States of America last year, if not for the timely response in arresting him by the EFCC.”

The prosecution had further said that  there was no document showing that the defendant’s son was critically ill to warrant him being flown abroad for treatment.

 The judge, while denying him bail, had said that if the defendant's 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 only to treat his son.

The judge had,  therefore, remanded the   defendant in Kirikiri Prisons, Lagos .

During the proceedings on March 6, 2018,  the defendant had changed his plea from 'not guilty' to 'guilty'.

In view of this,  the prosecution had reviewed the facts of the case and tendered documents that were admitted in evidence. 

 The judge subsequently convicted Ayi on all the  charges and deferred sentencing to today.

 Delivering her judgment today,  the  judge sentenced him to seven years imprisonment  on each count of the charge.

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

The Judge further held that all properties traced to the defendant be confiscated till it amounts to the sum of N700million and  should be restituted to the plaintiff, Coronation Merchant Bank.