The conviction comes after a 12-year trial involving charges of conspiracy and obtaining by pretenses. Alongside Mashi, three bank officials - Abdulmumini Mustapha, Shehu Aliyu, and Muazu Abdu - have also been convicted.
The Economic and Financial Crimes Commission brought charges against Mashi, accusing him of utilizing fictitious companies to secure a loan facility worth N212,439,552 from Sterling Bank. Mashi diverted the funds for personal use, resulting in his conviction on eight counts of fraud.
Initially, all defendants pleaded not guilty to the charges. The trial faced numerous setbacks due to changes in the trial judges. Nonetheless, the prosecution managed to present six witnesses and substantial evidence to support their case.
During the last court session on June 15 and 16, 2023, despite the absence of the first and fourth defendants, the judge issued a guilty verdict for counts 1 to 8 against the first defendant, leading to his conviction. The fourth defendant was also found guilty on all counts and convicted accordingly.
However, the sentencing for both defendants was reserved until they could be arrested and brought before the court.
The Abdulmumin Mustapha, the former branch manager of Sterling Bank, was found guilty on counts 1 to 15 and sentenced to five years imprisonment on each count, without the option of a fine. The court also ordered Mustapha to restitute Sterling Bank in the sum of N40,000,000.
The third defendant, the former Head of Operation of the bank, was discharged on counts 1-8 but convicted on counts 9 to 15. He was also sentenced to five years imprisonment on each count, without the option of a fine.
