Court Convicts ex-FCMB (Finbank) MD, Three Others Over ₦18bn Theft
The Lagos High Court sitting in Ikeja has convicted a former Managing Director of Finbank Plc, Okey Nwosu and three other directors of the bank.
Justice Lateefat Okunnu convicted the four for stealing over ₦18 billion from the bank.
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In her judgment delivered on Tuesday, the court sentenced the 1st and 2nd Defendants (Okey Nwosu and Dayo Famoroti) to a three-year jail term and ordered them to repay the 18 billion Naira.
While the 3rd Defendant (Danjuma Ocholi) was sentenced to 12 months in jail and the 4th Defendant (Agnes Ebubedike) was sentenced to 6 months community service.
The convicts were first arraigned in 2011 before Justice Okunnu, but the Court of Appeal had on November 21, 2013 quashed the charge brought against them by the EFCC and set them free.
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The EFCC however, appealed to the Supreme Court, which upheld the appeal and ordered Nwosu and others to return to the high court for their trial.
They were subsequently re-arraigned before the court by the Economic and Financial Crimes Commission (EFCC) on a 26-count charge of stealing and illegal conversion.
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Established in 2006, Finbank ceased to exist after it merged with First City Monument Bank (FCMB) in a deal that was consummated on February 9, 2012 and effected in October that year.
