Reported By Mary Udezue | Edited by: Gabriel Osa
Enugu, Nigeria — In a firm demonstration of judicial resolve against financial crimes, an Enugu State High Court has sentenced two former bank officials to lengthy prison terms for unlawfully diverting more than ₦10.3 million from pensioners’ accounts, a verdict that highlights ongoing efforts to protect vulnerable citizens and uphold the rule of law in Nigeria’s banking sector.
Justice A.O. Onovo, presiding at the Independence Layout division of the Enugu High Court, delivered the judgment on December 22, 2025, following a protracted legal battle that began nearly a decade ago. The Economic and Financial Crimes Commission (EFCC), through its Enugu Zonal Directorate, prosecuted the case after arraigning the accused on January 18, 2016, on a 15-count charge encompassing conspiracy, forgery and stealing. The offences stemmed from actions allegedly committed over several months in 2012 when the convicts were employees of Intercontinental Bank Plc — now operating as Access Bank Plc.
The defendants, identified as Sani Endurance Aferokhe and Hillary Odo, were found guilty by the court of unlawfully reactivating dormant accounts belonging to elderly pensioner customers without their consent and diverting the funds for their personal benefit. Specific counts presented in court revealed that Aferokhe and Odo illicitly withdrew significant sums from the accounts of unsuspecting pensioners, including ₦4,440,000 from the account of one customer in November 2012 and ₦2,113,610.40 from another in October of the same year.
During proceedings, the prosecution called five witnesses and tendered documentary evidence that established a pattern of deception and abuse of authority within the bank’s internal systems. The defendants had initially pleaded not guilty, prompting a full trial that spanned several years. Justice Onovo ultimately dismissed two of the counts but upheld the majority, finding the pair culpable of criminal conduct that violated Section 459(a) of the Criminal Code Law, Cap 30, Laws of Enugu State, 2004.
The sentences reflect the severity of the offences and the court’s determination to enforce accountability. Hillary Odo, the second defendant, was convicted on two of the counts and handed five years’ imprisonment for each, with an option to pay a fine of ₦100,000 per count. The first defendant, Sani Endurance Aferokhe, faced multiple convictions on 11 counts. He was sentenced to five years’ imprisonment on the majority of the counts and three years on one count, each carrying the same fine option as his co-accused.
Judicial authorities stressed that the option of fines is consistent with legal provisions but underscored that the cumulative prison terms represent a significant punitive and deterrent measure. The convictions are expected to resonate beyond the confines of this case, serving as a warning to financial sector professionals about the consequences of exploiting positions of trust for personal enrichment.
The case attracted widespread attention due to the perceived vulnerability of the victims. Many of the accounts accessed by the convicts belonged to pensioners — retired individuals who rely on their savings for subsistence. Advocates for senior citizens and consumer rights groups in Enugu and across Nigeria expressed relief at the outcome of the trial, saying it reinforces the imperative of financial protection for the elderly and economically disadvantaged. While these advocates welcomed the sentence, some called for greater preventive measures within banks to guard against similar abuses in the future.
This conviction underscores the role of the EFCC in probing and prosecuting complex financial crimes involving customers’ deposits and pension funds. Legal analysts noted that long investigations and delayed prosecutions — in this instance spanning over nine years — reflect challenges within the adjudication of economic crime cases, including the need for robust evidence and procedural compliance. However, they also observed that the successful conviction demonstrates an effective partnership between investigative agencies and the judiciary when confronted with compelling evidence.
The EFCC’s Enugu Zonal office has, in recent years, been active in pursuing various banking fraud and financial misconduct cases, including operations involving dormant accounts, fraudulent reactivations and insider abuse. The agency continues to advocate for stronger internal controls within financial institutions to deter misconduct and improve detection frameworks that protect customers from unauthorized access to their accounts.
Despite the significant sentence handed down, the convicts retain the right to appeal the judgment to a higher court. The legal teams for Aferokhe and Odo are expected to consider appellate options, which could extend the legal process further. Appeals in high-profile financial crime cases often hinge on interpretations of procedure, admissibility of evidence and legal technicalities, and such processes can shape future jurisprudence on similar matters.
In the broader context of Nigeria’s fight against financial crime, this verdict highlights the judiciary’s willingness to impose custodial sentences on former professionals who violate public trust. Pension fraud and related financial abuses have long been a concern in the country, particularly as Nigeria grapples with systemic weaknesses in pension administration and banking practices. Convictions of this nature are seen as crucial in deterring exploitation of pensioners and holding individuals accountable for breaches that undermine economic security.
Stakeholders, including regulators, consumer protection bodies and financial institutions, have reiterated the necessity of comprehensive reform to bolster customer protections. Such measures include enhanced oversight mechanisms, regular audits of account reactivations, and tighter enforcement of banking regulations that govern access to and management of customer funds. Strengthening these safeguards, they argue, is critical to preventing future incidents that erode confidence in the financial system.
As the sentences take effect, attention now turns to how financial institutions and regulatory bodies will respond to ensure that similar abuses are swiftly identified and curtailed. The case stands as a testament to the interplay between law enforcement, judiciary and public expectations in combating financial malpractice and protecting the rights and savings of ordinary citizens.
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