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How Sterling Bank Manager, Three Staffs Aided Former Lawmaker In Defrauding Bank Of N212 Million



Sterling Bank

A N212 million fraud involving a Sterling Bank manager and three staffs has revealed the manner of collaboration ongoing in the financial institution to steal depositor’s funds.

According to a statement by the Economic and Financial Crimes Commission  (EFCC), Mansur Ali Mashi, a former member of the House of Representatives representing the Mashi Dutsi federal constituency of Katsina State falsely obtained a loan from the bank with the aide of three of its officials.

The lawmaker who used fictitious companies to obtain a N212,439,552 loan from Sterling Bank was prosecuted by the EFCC and sentenced to jail by the court.

Mashi was also alleged to have sold properties taken from him by the court through an interim forfeiture order

Justice Sale Musa Shuaibu of the Federal High Court, Kaduna, on Thursday, convicted Manshi on eight counts, including conspiracy and obtaining by false pretences.

While the court reserved judgment on the ex-lawmaker, each of the three bank officials was sentenced to five years in prison.

“Upon arraignment, the defendants had pleaded not guilty to the charges preferred against them, and the case proceeded to trial. In the course of the trial, the matter suffered several setbacks due to the elevation or retirement of the trial judges. But the prosecution called six witnesses and tendered several exhibits to prove the case against the defendants.

“The 2nd defendant Abdulmumin Mustapha who is the former branch manager of Sterling Bank was convicted on counts 1 to  15 and sentenced to five years imprisonment on each count without option of fine. The court further ordered the 2nd defendant to restitute Sterling Bank in the sum of N40,000,000 (Forty Million Naira),” the statement by EFCC said.

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