June 9, 2022

Attempt by the former managing director of the defunct FinBank Plc, Mr. Okey Nwosu and Dayo Famoroti to set aside their conviction by Justice Lateefa Okunnu of the Lagos High Court hit the rock on Wednesday

The Court of Appeal sitting at Tafawa Balewa Square, Lagos upheld their conviction as well as the three years jail terms slammed on them.

However, the appellate court reduced the restitution order made from Eighteen Billion Naira to Ten Billion Naira on the grounds that the bank (FinBank Plc.) had recovered about Eight Billion Naira.

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

The Economic and Financial Crimes Commission (EFCC) prosecuted Nwosu alongside Dayo Famoroti, 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.