10.9bn Fraud Lands Ex-Finbank MD, Nwosu, Three Others In Jail

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10.9bn Fraud Lands Ex-Finbank MD, Nwosu, Three Others In Jail
10.9bn Fraud Lands Ex-Finbank MD, Nwosu, Three Others In Jail

Former Managing Director, Finbank Plc, Okey Nwosu, has been sentenced to three years imprisonment over a 10.9bn fraud.

Justice Lateefa A. Okunnu of the Lagos State High Court sitting in Ikeja, on Tuesday, January 5, 2021, delivered the sentence.

The Economic and Financial Crimes Commission (EFCC), had arraigned Nwosu alongside Dayo Famuroti, Danjuma Ocholi and Agnes Ebubedike on a 26-count amended charge which bordered on illegal conversion and stealing to the tune of N10,934,704,402.

The defendants, who committed the fraud, did so during their time as directors of the bank.

Their initial ‘not guilty’ plea had transformed the case into a full trial.

Through the course of the trial, Rotimi Jacobs (SAN), the prosecution counsel, called witnesses and also presented several documents which were admitted as evidence against the four defendants.

The Judge subsequently found the defendants guilty.

She sentenced the first and second defendants, Nwosu and Famoroti, to three years imprisonment respectively.

Justice Okunmu also sentenced the third defendant, Ocholi, to 12 months imprisonment.

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The fourth defendant, Ebubedike, was handed a six- month community service.

The defendants had, earlier, objected the jurisdiction of the trial court to hear the charges levelled against them.

While the Lagos High Court maintained it had jurisdiction to hear the case, the first defendant, Nwosu, headed to the Lagos Division of the Court of Appeal where the charge against the banker was struck out, in November 2013.

In its ruling, the appellate court held that the Lagos High Court had no jurisdiction to hear the charges.

They held that the Federal High Court should, instead, have handled the charges seeing as they emerged from capital market transactions.

The ruling by the appeal court saw Dayo Famoroti, Danjuma Ocholi and Agnes Ebubedike head to the Lagos High Court to dismiss the charges levelled against them.

Counsel for EFCC, Rotimi Jacobs (SAN), however prayed the court to adjourn the case indefinitely while waiting for the outcome of its appeal at the Supreme Court.

Justice Okunnu obliged and upheld the prayers of Jacobs.

She then adjourned the matter sine die so the Supreme Court could rule on the matter.

In its judgment, The Supreme Court, upheld the EFCC’s appeal.

The Supreme Court have mandated Nwosu and the other 3 co- defendants to present themselves for trial before the Lagos High Court.

 

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