Crime Law/Order

Court sentences former bank MD to 3 years imprisonment over N18 bn fraud

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Justice Lateefat Okunnu of the Lagos High Court in Ikeja has convicted and sentenced former Managing Director of defunct Finbank Plc, Okey Nwosu to three years imprisonment.

Justice Okunnu handed down the sentence after she found he and three others guilty of stealing more than 18 billion Naira from Finbank Plc, now First City Monument Bank (FCMB).

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

They were first arraigned before the court by the Economic and Financial Crimes Commission (EFCC) on a 26-count charge of stealing and illegal conversion in 2013.

But the Court of Appeal quashed the charges in November that same year.

The EFCC, then appealed to the Supreme Court, which upheld the appeal and ordered the defendants to return to the high court for their trial.

In her judgment delivered on Tuesday afternoon, Justice Okunnu sentenced Okey Nwosu and Dayo Famoroti to three-year jail terms and ordered them to repay 18 Billion Naira.

While Danjuma Ocholi was sentenced to twelve months in jail and Agnes Ebubedike was sentenced to six months community service.

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