Nigerian Court Sentences Banker to 40 Years for Forex Fraud

A High Court in Uyo, Akwa Ibom State, has sentenced former bank relationship manager Chukwudi Henry Onwuka to 40 years in prison for defrauding an acquaintance of N67,510,000 through a failed foreign-exchange deal. The ruling was delivered by Justice Archibong Archibong.

Onwuka's co-defendant, Eze Joshua Chinedu, whose company account was used to receive the funds, received a 20-year sentence. Both men were found guilty of multiple charges including obtaining by false pretence, stealing, and aiding and abetting. The offences contravened provisions of the Advance Fee Fraud and Other Related Offences Act 2006 and the Criminal Code of Akwa Ibom State.

Court records show that the victim, Toochi Obianom, a currency dealer and financial consultant based in Onitsha, reported the matter to police in March 2017. Obianom said Onwuka had contacted him claiming a customer, Jec-Mega World Investment Limited, had USD157,000 available for sale. Believing the representations, the victim transferred the naira equivalent in two instalments—N39,450,000 and N28,060,000—to an account operated by Chinedu's company.

The promised dollars were never delivered, and attempts to recover the funds were unsuccessful. During proceedings, Chinedu admitted allowing the funds to pass through his account but denied awareness of any fraudulent intent, stating, "I did not know he had other sinister criminal intentions." Both defendants initially pleaded not guilty.

During the trial, prosecutors called four witnesses and tendered ten documentary exhibits. The defendants testified but did not call additional witnesses. Justice Archibong found the prosecution had proved the charges beyond reasonable doubt. The judge ordered the sentences to run concurrently and directed the first defendant to refund the full N67,510,000 to the complainant.