Appeal Court Upholds Conviction Of Former Finbank MD, Nwosu, Director

Category: Crime News

The Court of Appeal, Tafawa Balewa Square, Lagos, yesterday upheld the conviction and subsequent sentencing of two former executives of Finbank Plc.

The appellate court in two judgments held that the lower court was right in handing down the sentencing on the defendants having found them guilty of corruption charges.

The judgments were in respect of appeals number: CA/LAG/CR/496/2021 and CA/LAG/CR/497/2021, brought by former Managing Director of Finbank Plc, Mr. Okey Nwosu and a Director, Mr. Dayo Famoroti respectively.

Justice Lateefa Okunnu of a Lagos State High Court had on January 5, 2021, found them guilty of corruption allegations and subsequent sentenced them to three years imprisonment.

However, Nwosu and Famoroti, dissatisfied had approached the Court of Appeal to challenge their conviction and subsequent sentencing.

Delivering judgment in their appeals yesterday, the three- man panel led by the President of the Court of Appeal, Justice Monica Dongban-mensem, resolved the appeal against the appellants and upheld the conviction entered by Justice Okunnu.

While the three years sentencing was upheld by the three- man panel which had Justices Jimi Bada and Mohammed Sirajo as members, they however, reduced the restitution order made from N18 billion to N10 billion on the grounds that the bank (Finbank) had recovered about N8 billion.

The Economic and Financial Crimes Commission ( EFCC) had arraigned Nwosu, Famuroti, Agnes Ebubedike and Danjuma Ocholi on a 26-count amended charge bordering on stealing and illegal conversion to the tune of N10,934,704,402.

They were said to have perpetrated the fraud while they were directors of Finbank.

They had pleaded not guilty to the charge preferred against them by the anti-graft agency.

At the end of trial however, 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.

The case had, 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, the ex-Finbank boss approached the Lagos Division of the Court of Appeal which in November 2013, struck out the charge against the banker.

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, Famoroti, Danjuma Ocholi and Ebubedike approached the Lagos High Court to dismiss the charges preferred against them.