A federal High Court sitting in Awka, Anambra State has sentenced two brothers Chinedu and Chetachukwu Nwegwu to fifty years imprisonment for financial impropriety.
The duo who were the owners and operators of a wonder bank called Ajec Global Services Limited were prosecuted by the Economic and Financial Crimes Commission, EFCC on a fifty count charge bordering on financial impropriety.
The convicts were said to have between 2010 and 2011 used the wonder bank to defraud unsuspecting members of the public to the tune of over one hundred million naira.
In a one and half hour judgment, Justice Mohammed Abubakar said in addition to the one year imprisonment for each of the fifty charges, the duo shall pay a fine of one million naira each, return all the monies to the investors as well as forfeit all landed property to the Federal Government.
Justice Abubakar however emphasised that the jail terms would run concurrently.
Earlier, the Counsel to the EFCC, Mr. Adaka Ekwu had insisted on the maximum punishment for the convicts which is a minimum of seven years without an option of fine based on the Advanced Fee Fraud Act 2006.
Reacting on the judgment, one of the Counsels to the defendants, Mr. C.N Ifeabuike said he was satisfied with the sentence.
Some of the investors Messrs Osita Ozoemena, Paulinus Adinuba and Mrs. Ngozi Nwankwo expressed mixed feelings on the judgment.
They explained that a longer sentence would serve as proper detriment to other fraudsters.
Radio Nigeria correspondent reports that the civil suit on the issue is still ongoing at the State High Court.