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Monday, 26 July 2010
N10 Million: EFCC docks ex-banker for defrauding a Nigerian in Diaspora

The Economic and Financial Crimes Commission, EFCC, has dragged a former banker to
Court over fraudulent transactions amounting to N10 million.

The suspect: Mr Edet Nkposong was arraigned before Justice Y.G. Dakwak on a five count
charge bordering on criminal misappropriation and forgery.

Specifically, Nkposong was docked over the misappropriation of N10 million belonging to one
Dr Charles Mambula, a Nigerian professional based in the United States of America . After
reading the charges to him, Nkposong pleaded not guilty to the five charges.

After years of toil in America , Mambula was desirous of investing in Nigeria.  He remitted the
sum of US$90, 000, equivalent of the sum of N11.5m, to one Mr Daniel Malgwi and was
instructed by the fund owner to invest it in a high yielding fixed deposit fund in any local bank
for him.

Malgwi then invested in First Atlantic Investment Fund through the
accused, Nkposong, who was a staff of the bank. Nkposong issued Maigwi with an investment
fund document which showed and convinced the latter that the fund had been placed as
agreed.

The initial placement maturity was for one hundred and eighty days, at an interest rate of
16%. At maturity, it was rolled over therefore yielding more interest sum.

However, at the expiry date, Malgwi wrote to the bank not to roll the investment over but that
the principal sum and accrued interests be converted into a bank draft in his name.

This was where the bubble burst because Nkposong did not make a draft available. The bank
said it did not have a record of the investment which means the accused did not place the
money as claimed.

He had fraudulently used the bank document to perpetrate a scam. The signature and the
investment number were forged and the fund had been diverted to other purpose.

Perplexed and frustrated, Malgwi reported the scam to the EFCC and upon investigations, the
Commission found out that Nkposong had worked in two other banks before he ended up in
First Atlantic Bank, Jos branch.

At the defunct Citizen Bank where he worked, he owed the bank the sum of N825, 675. 32  in
payroll  indebtedness.

The amount represented proceeds from the sale of MTN recharge cards and funds of two
customers which he diverted to personal use. He also held unto depositors fund for about
21days using the instrument of his office.

He paid back the money when the customer raised an alarm. Investigations also revealed that
he was into LPO financing and money lending which might perhaps explains his predilection
for holding unto customers’ fund illegally.

After Nkposong’s arraignment, his counsel, Barrister E. Anyia made an oral application for
bail but the judge turned down the application. He thereafter ordered that the accused be
remanded in prison custody until July 29, 2010 when ruling would be made on the bail
application.