Appeal Court affirms conviction of defunct FinBank MD, Nwosu

An attempt by the former managing director of the defunct FinBank Plc, Mr. Okey Nwosu and Dayo Famoroti to set aside their conviction has failed.

This is as the Court of Appeal sitting at Tafawa Balewa Square, Lagos on Wednesday upheld their conviction as well as the three years jail terms earlier slammed on them by Justice Lateefa Okunnu of the Lagos High Court.

The appellate court, however reduced the restitution order made from N18 billion to N10 billion on the grounds that the bank (FinBank Plc.) had recovered about N8 billion.

READ ALSO: Ex-Finbank MD, others jailed for stealing N18b

Justice Okunnu, had in January 2021 convicted and sentenced Nwosu and Famoroti to three years imprisonment over a N19.2 billion fraud.

The Economic and Financial Crimes Commission (EFCC) prosecuted both men, Agnes Ebubedike and Danjuma Ocholi on a 26-count amended charge bordering on stealing and illegal conversion to the tune of N19.2 billion.

The defendants were said to have perpetrated the fraud while they were directors of the bank.

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