EFCC jailed ex-Finbank MD, Okey Nwosu and 3 others over N10.9b fraud


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Former Finbank Manager Director, Okey Nwosu was sentenced to three years in prison on Tuesday, January 5 2021by Lagos State High Court sitting in Ikeja under the ruling of Justice Lateefa A. Okunnu.
According to LIB, the Economic and Financial Crimes Commission (EFCC), had arraigned Okey Nwosu, Dayo Famuroti, Agnes Ebubedike and Danjuma Ocholi on a 26 count amended charge bordering on stealing and illegal conversion of a sum of N10,934,704,402.

In a statement released by the commission, the defendants pleaded not guilty to the charges preferred against them thereby leading to their full trial. However, during the trial, the prosecution counsel, Barrister Rotimi Jacobs who is a Senior Advocate of Nigeria (SAN), proved to the court the defendants are guilty by calling several witnesses and also tendered several documents that were admitted in evidence against the defendants.

Delivering her judgment, the Judge found the defendants guilty and sentenced the first and second defendants, Nwosu and Famoroti, to three years imprisonment each. The Judge also sentenced the third defendant, Ocholi, to 12 months imprisonment and slammed a six- month community service on the fourth defendant, Ebubedike.

Although, the case suffered a setback as the defendants challenged the jurisdiction of the trial court up to the Supreme Court. While the court maintained its jurisdiction to try the defendants, Nwosu approached the Lagos Division of the Court of Appeal which in November 2013 struck out the charge against the banker.

However, the appellate court ruled that the Lagos High Court lacked jurisdiction to entertain the charges because they emanated from capital market transactions, which should be handled by the Federal High Court.

Following the appeal court ruling, Dayo Famoroti, Danjuma Ocholi and Agnes Ebubedike approached the Lagos High Court to dismiss the charges preferred against them.

But Rotimi Jacobs, SAN, counsel to EFCC had prayed the court to adjourn the matter indefinitely pending the determination of its appeal at the Supreme Court

Justice Okunnu upheld the prayers of Jacobs and adjourned the matter sine die to allow the Supreme Court rule on the matter.

The Supreme Court, in its judgment, upheld EFCC’s appeal. In a unanimous judgment, a seven-man panel of Justices of the apex court faulted the argument of the Court of Appeal that the decision by the EFCC to charge Nwosu and the other directors for stealing before the Lagos High Court, while it maintained a charge of money laundering against them, would amount to double jeopardy.

The Supreme Court directed Nwosu and co-defendants to submit themselves for trial before the Lagos High Court.


The bank was established in 2006, as First Inland Bank Plc, by the merger of four (4) indigenous financial services institutions namely: (a) First Atlantic Bank Plc, (b) Inland Bank Plc, (c) NUB International Bank Limited and (d) IMB International Bank. In September 2008, First Inland Bank rebranded as FinBank. – Wikipedia.

However, in February 2012, First City Monument Bank (FCMB) completed the acquisition of Finbank and subsequently merged with Finbank in October 2012.

(Source: Lindaikejisblog)

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