January 16, 2021
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Lagos Court jails ex-Finbank Chief, Nwosu, three others for stealing N18 bln

By on January 5, 2021 0 96 Views

A former Managing director of defunct Finbank Plc, Okey Nwosu and three others were convicted and jailed by a Lagos State High Court in Ikeja on Tuesday for stealing N18 billion belonging to the bank.

The ex-bank chief was convicted and alongside three ex-directors of the bank – Dayo Famoroti, Danjuma Ocholi, and Agnes Ebubedike.

Famoroti was sentenced to three years imprisonment while Nwosu and Ocholi was sentenced to 12 months in prison and Ebubedike got six months of community service.

Justice Lateefa Okunnu, who delivered the judgment also ordered Nwosu and Famoroti to pay back the stolen N18 billion as restitution.

The convicts had been arraigned before Justice Okunnu since 2013.

Not long after being arraigned, they went before the Court of Appeal to challenge the validity of the charges, leading to the quashing of the charges by the appellate court on November 21, 2013.

Displeased with the decision of the Court of Appeal, the Economic and Financial Crimes Commission headed for the Supreme Court, which restored the charges against the defendants and ordered them to return to the high court for their trial.

In her judgment on Tuesday, Okunnu held that the EFCC proved the charges against the convicts beyond a reasonable doubt.

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