N18 billion Theft: Court Jail Former Finbank MD, Okey Nwosu, For Three Years

Justice Lateefat Okunnu of the Lagos High Court in Igbosere on Tuesday convicted and sentenced a former Managing Director of defunct Finbank Plc, Okey Nwosu to three years imprisonment

Justice Okunnu handed down the sentence after she found the former bank boss and three other Directors of the bank guilty of stealing over 18 billion Naira from Finbank Plc, now First City Monument Bank (FCMB).

Convicted alongside Nwosu are three former directors of the defunct bank: Dayo Famoroti, Danjuma Ocholi and Agnes Ebubedike.

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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.