Commercial Law

Former Finbank MD, Nwosu bags three years jail term

A Lagos High Court  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, the trial judge handed down the conviction and sentence after several years of trial, and after finding the defendants guilty of the charges preferred against them. The other directors convicted alongside Nwosu are Dayo Famoroti, Danjuma Ocholi and Agnes Ebubedike.

They were arraigned before the court by the Economic and Financial Crimes Commission (EFCC) on a 26-count charge of stealing and illegal conversion.

The convicts were first arraigned in 2013 before Justice Okunnu, but the Court of Appeal had on November 21, 2013 quashed the charge brought against them by the EFCC 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 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.

You should also READ  Court grants Sowore N20m bail

Related Articles

Back to top button
%d bloggers like this: