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Thursday, June 24, 2021

Court jails former Finbank MD for three years over N10.9bn fraud

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Justice Lateefat Okunnu of the Lagos State High Court in Ikeja, has sentenced a former Managing Director of the defunct Finbank Plc, Okey Nwosu, to three years’ imprisonment over a N10.9bn fraud.

Nwosu was convicted alongside three former directors of the defunct bank, Dayo Famoroti, Danjuma Ocholi and Agnes Ebubedike.

The convicts were first arraigned in 2013 on 26 counts of stealing and illegal conversion to the tune of N10,934,704,402 before Justice Okunnu, but the Court of Appeal had on November 21, 2013, quashed the charges pressed against them by the Economic and Financial Crimes Commission and set them free.

The EFCC, however, appealed to the Supreme Court, which upheld the appeal and ordered Nwosu and others to return to the high court for trial.

Delivering her judgment on Tuesday, Justice Okunnu sentenced Nwosu and Famoroti to three years’ imprisonment and ordered them to make a refund.

The judge also sentenced Ocholi to 12 months’ imprisonment, while Ebubedike was sentenced to six months’ community service.

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