A former Managing Director of the defunct Finbank Plc, Okey Nwosu, has been found guilty and sentenced to three years imprisonment by Justice Lateefat Okunnu of a Lagos High Court in Igbosere for N18 billion theft.
The judge handed down the verdict after she found the former bank boss and three other Directors of the bank guilty of stealing the huge sum from Finbank Plc.
Convicted alongside Nwosu were three former Directors of the defunct bank: Dayo Famoroti, Danjuma Ocholi and Agnes Ebubedike. In her judgement, Justice Okunnu sentenced Okey Nwosu and Dayo Famoroti to three years jail term after ordering them to refund the N18 billion they stole. The third defendant (Danjuma Ocholi) was sentenced to 12 months in jail while the fourth defendant (Agnes Ebubedike) was sentenced to six months community service.
The defendants were arraigned before the court by the Economic and Financial Crimes Commission (EFCC) on a 26-count charge of stealing and illegal conversion.
They were first arraigned in 2013 before Justice Okunnu, but the Court of Appeal, Lagos Division, had on November 21, 2013, quashed the charge brought against them by the EFCC and set them free.
The anti-graft agency however appealed the verdict up till the Supreme Court. The apex court subsequently upheld EFCC’s appeal and ordered Nwosu and others to return to the High Court for their trial.