How Three Top FCMB Managers Allegedly Stole N48.6m Belonging to the Bank

Three top managers of First City Monument Bank, FCMB attached to the McCarthy Street, Onikan, Lagos branch have been brought before a Lagos Magistrate Court for allegedly stealing the sum of N48,635,840 belonging to the bank, according to a report by PM Express.

The three persons are: Omotayo Oluseyi, 38, Ebenezer Efunsola, 50 and Uchenna Ugwuibe, 45.


Following the allegations, the accused persons were arrested by the Police at the Lion Building Division, Lagos Island and arraigned before an Igbosere Magistrate Court on a two-count charge of felony to wit, stealing.

Revealing details of how the incident happened, police Prosecutor, Oluwafemi Adeleye informed the court in charge No D/91/2017 that the accused persons committed the offence between January 2016 and May 2017 at First City Monument Bank located on Macarthy Street, Onikan, Lagos Island during working hours.

Adeleye told the court that the accused persons betrayed the trust reposed in them by their employer as Operation Managers and as Head of Department at the Macarthy branch of the bank by allegedly conniving to steal the sum of N48,635,840 from their employer’s account.

He said the management of FCMB uncovered the fraud when they audited their account books.

Adeleye said that the offences the accused committed were punishable under sections 411 and 287 (7) of the criminal Laws of Lagos State, 2015.

The accused persons, however, pleaded not guilty to the alleged crime in the open court and their counsels, Loveline Ezemegbu and Helen Ibeji prayed the court to grant the defendants bail in the most liberal terms, promising that they would not jump bail if granted.

Chief Magistrate B.A Sonuga granted the defendants bail in the sum of N5 million each with two sureties each in like sum who must be bank staff.

Sonuga also directed that the sureties must deposit the sum of N1 million each in the Chief Court Registrar’s account and their International passport with the court.

The magistrate adjourned the case till 13 January, 2018 and ordered that the defendants be kept at the Ikoyi Prison till they were able to fulfill the bail conditions.