Ex-Finbank MD, Nwosu, jailed three years for N10.9bn fraud

Published January 6, 2021
Oluwatosin Omojuyigbe
Justice Lateefat Okunnu of the Lagos State High Court in Ikeja , on Tuesday , sentenced a former Managing Director of the defunct Finbank Plc, Okey Nwosu , to three years’ imprisonment over a N 10 . 9 bn 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 N 10 , 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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