Ex-Finbank MD, others jailed for stealing N18b

A former Managing Director of defunct Finbank Plc, Okey Nwosu has been sentenced to three years in prison for stealing N18 billion belonging to the bank.

The Lagos State High Court in Ikeja, presided over by Justice Lateefa Okunnu, also on Tuesday convicted three directors of the bank – Dayo Famoroti, Danjuma Ocholi, and Agnes Ebubedike alongside Nwosu.

Famoroti bagged three years’ imprisonment just like Nwosu, while Ocholi was sentenced to 12 months in prison, and Ebubedike got six months of community service.

While handing down her judgment, Justice Okunnu also ordered Nwosu and Famoroti to pay back the stolen N18bn in restitution.

READ ALSO: EFCC to re-arraign Akingbola, Atuche, Nwosu for stealing N90bn

The convicts were first arraigned before Justice Okunnu in 2013. They approached the Court of Appeal to challenge the validity of the charges, leading to the quashing of the charges by the appellate court on November 21, 2013.

The Economic and Financial Crimes Commission (EFCC), displeased with the decision of the Court of Appeal, headed for the Supreme Court, which restored the charges against the defendants and ordered them to return to the high court for their trial.

According to Justice Okunnu on Tuesday, the EFCC proved the charges against the convicts beyond a reasonable doubt.

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