Former Bank MD, Nwosu Jailed Over  N18 Billion Fraud

Moses Ofodeme

A High Court in Ikeja Lagos, has convicted a former Managing Director of the defunct Finbank Plc, Mr Okey Nwosu for stealing N18bn belonging to the bank.

The judgment was handed down by Justice Lateefa Okunnu.

While delivering the judgment, Justice Okunnu stated that the charges against the convicts were proved beyond reasonable doubt.

Nwosu, was jailed along with three directors of the bank, Danjuma Ocholi, Dayo Famoroti and a lady, Agnes Ebubedike.

While Nwosu was handed a three-year sentence along with Famoroti, Ocholi bagged a year in prison, while Ebubedike got six months of community service.

The Judge also ordered Nwosu and Famoroti to pay back the stolen N18 billion in restitution.

The convicts had been arraigned before Justice Okunnu since 2013.

However, the suspects had approached the Appeal Court after their initial arraignment. They had challenged the validity of the charges.

This led to the quashing of the charges by the Appeal Court on November 21, 2013.

Nevertheless, their prosecutors, the Economic and Financial Crimes Commission (EFCC) had taken the case to the Supreme Court.

The EFCC restored the charges against the defendants and ordered them to return to the high court for their trial.

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