Bassey stole N27 million belonging to a microfinance bank where he worked as a branch manager.

A bank manager, Augustine Effiong Bassey has been sentenced to five years in prison by the Cross River State High Court, Akamkpa, on Friday, for N27million fraud.

He was prosecuted by the Enugu Zonal Office of the Economic and Financial Crimes Commission (EFCC) on a one-count charge of stealing.

The EFCC disclosed that sometime between 2010 and 2012 at Uyanga, Cross River State, Bassey stole the N27,300,000 ,the property of Ekondo Microfinance Bank Limited.

He did this by personally deducting the sum from the bank’s vault and gave to his covers for the execution of non-existent contracts for the bank.

The banker was arrested in July 2016 by the EFCC upon intelligence.

His offence was contrary to Section 390 of the Criminal Code law, CAP C16 (VOL 3) of the Laws of Cross River State of Nigeria, 2004 and punishable under Section 390(9) of the same law.

The defendant pleaded “not guilty” when the charge was read to him but prosecution counsel, Fortune Amina Asemebo, proved the case beyond a reasonable doubt.

Justice Onyebueke convicted and sentenced Bassey, with an option of restituting N15 million to Ekondo Microfinance Bank.