Home NEWS ₦10.9bn Fraud: Court jails ex-Finbank MD, Okey Nwosu and three others

₦10.9bn Fraud: Court jails ex-Finbank MD, Okey Nwosu and three others


Justice Lateefa A. Okunnu of the Lagos State High Court sitting in Ikeja, on Tuesday, January 5, 2021, convicted and sentenced Okey Nwosu, a former Managing Director, Finbank Plc, to three years imprisonment over 10m fraud.

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

A announcement launched by means of way of way of way of EFCC says the defendants, who perpetrated the fraud at the equal time as they have been directors of the bank, pleaded now no longer accountable to the rate desired in opposition to them, thereby leading to their full trial. In the route of the trial, the prosecution counsel, Rotimi Jacobs , SAN, stated as witnesses and moreover tendered tremendously a few archives that had been admitted in proof in opposition to the defendants.

Delivering her judgment, the Judge positioned the defendants responsible and sentenced the first and 2nd defendants, Nwosu and Famoroti, to three years imprisonment each. The Judge additionally sentenced the 1/3 defendant, Ocholi, to 12 months imprisonment and slammed a six- month regional provider on the fourth defendant, Ebubedike.

The case had suffered a setback as the defendants challenged the jurisdiction of the trial court up to the Supreme Court. While the court docket docket maintained its jurisdiction to try the defendants, Nwosu approached the Lagos Division of the Court of Appeal which in November 2013 struck out the rate in opposition to the banker.

The appellate court docket dominated that the Lagos High Court lacked jurisdiction to entertain the prices due to the fact they emanated from capital market transactions, which ought to be dealt with with the beneficial aid of the use of the Federal High Court.

Following the enchantment court docket docket ruling, Dayo Famoroti, Danjuma Ocholi and Agnes Ebubedike approached the Lagos High Court to brush aside the costs liked nearer to them.

But Rotimi Jacobs, SAN, hints to EFCC had prayed the court docket to adjourn the be counted wide variety substantial variety indefinitely pending the dedication of its enchantment at the Supreme Court

Justice Okunnu upheld the prayers of Jacobs and adjourned the maintain in thinking sine die to allow the Supreme Court rule on the matter.

The Supreme Court, in its judgment, upheld EFCC’s appeal. In a unanimous judgment, a seven-man panel of Justices of the apex courtroom faulted the argument of the Court of Appeal that the preference via the usage of the EFCC to cost Nwosu and the one of a kind directors for stealing till now than the Lagos High Court, even as it maintained a fee of cash laundering in opposition to them, would extent to double jeopardy.

The Supreme Court directed Nwosu and co- defendants to put up themselves for trial in the previous than the Lagos High Court.


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