By Modupe Gbadeyanka
Justice Ijeoma Ojukwu of a Federal High Court sitting in Uyo, Akwa Ibom State, has ordered one of the banks listed on the Nigerian Stock Exchange (NSE) and one of its employees to pay an investor in the capital market about N15 million, precisely N14.9 million.
On May 21, 2014, the Economic and Financial Crimes Commission (EFCC) had arraigned the two members of staff of Ecobank alongside the bank over a fraudulent financial transaction in which one Mr Okon Ukim Edem lost the sum of N12.9 million proceeds from the sale of shares.
The two employees of the financial institution taken to court alongside the lender by the EFCC were Mr Ekpe Sunday and Mr Dennis Joseph James.
They were brought before the judge on a two-count charge bordering on conspiracy, fraudulent diversion of funds, forgery and impersonation to the tune of N7.1 million.
Ruling on the matter, Justice Ojukwu convicted Mr Sunday, but discharged and acquitted Mr James and found Ecobank culpable of the fradulent act.
In a statement issued by the EFCC on Monday, it was disclosed that the judge convicted Mr Sunday and sentenced him to two years in prison, with an option of fine of N1 million. He was also ordered to pay the victim (Mr Edem) the sum of N2 million as restitution.
Justice Ojukwu also ordered the bank to “refund to the PW1 (Chief Okon Ukim Edem) the sum of N12,872,967.29 forthwith being the sum of money involved in this fraudulent financial transaction, which he lost as a result of the negligence of the third defendant.”
Dipo Olowookere 
Aduragbemi Omiyale