Tue. Apr 20th, 2021

Ex-Finbank MD, Nwosu, 3 Others Jailed Over N18bn Fraud

The Convict, Nwosu Okey

Ex-Finbank MD, Nwosu, 3 Others Jailed Over N18bn Fraud

An Ikeja High Court of Lagos State, on Tuesday sentenced the Managing Director of defunct Finbank, Mr Okey Nwosu and three other directors of the bank to three years imprisonment each over stealing of N18 billion from the bank.

Justice Lateefat Okunnu, who presided over the court, handed down the conviction and sentence after several years of trial, and after finding the defendants guilty of the charges levelled against them by the Economic and Financial Crimes Commission (EFCC). 

Others convicted and sentenced alongside Nwosu are the Bank’s former Directors: Dayo Famoroti, Danjuma Ocholi and Agnes Ebubedike.

The convicts were arraigned before the court by the EFCC on a 26-count charge of stealing and illegal conversion.

They were first arraigned before the court in 2013, but the Court of Appeal had on November 21 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 Lower Court for their trial.

In her judgment delivered on Tuesday afternoon, the judge sentenced two of the convicts to a three year jail term after ordering them to repay the 18 Billion Naira they stole.

The court sentenced the Okey Nwosu and Dayo Famoroti to three years jail term and ordered them to repay 18 Billion Naira.

While the third Defendant (Danjuma Ocholi) was sentenced to 12months in jail and the forth Defendant (Agnes Ebubedike) was sentenced to six months community service.