BY LINUS CHIBUIKE
FORMER Managing Director of the defunct Finbank Plc, Okey Nwosu, has been sentenced to three years imprisonment over N10.9billion fraud.
He was jailed, along with three other directors of the defunct bank by Justice Lateefat Okunnu of the Lagos State High Court, sitting in Ikeja.
The Economic and Financial Crimes Commission had arraigned Nwosu alongside the directors – Dayo Famuroti, Agnes Ebubedike and Danjuma Ocholi – on a 26-count amended charge, bordering on theft and conversion of N10,934,704,402.
All the four defendants pleaded not guilty to the charge, leading to their full trial.
In the course of the trial, the prosecution counsel, Rotimi Jacobs, SAN, called witnesses and also tendered documents that were admitted in evidence against the defendants.
Delivering her judgment on Tuesday, Justice Okunnu found the defendants guilty and sentenced the first and second defendants, Nwosu and Famoroti, to three years imprisonment each.
The Judge also sentenced the third defendant, Ocholi, to 12 months imprisonment, while the fourth defendant, Ebubedike, bagged six months community service.
The case had suffered a setback as the defendants challenged the jurisdiction of the trial court up to the Supreme Court.
Nwosu had approached the Lagos Division of the Court of Appeal, which struck out the charge against him n November 2013.
The appellate court ruled that the Lagos High Court lacked jurisdiction to entertain the charges because they emanated from capital market transactions, which should be handled by the Federal High Court.
Following the appeal court ruling, Dayo Famoroti, Danjuma Ocholi and Agnes Ebubedike approached the Lagos High Court to dismiss the charges preferred against them.
But Rotimi Jacobs, SAN, counsel to EFCC had prayed the court to adjourn the matter indefinitely pending the determination of its appeal at the Supreme Court
Justice Okunnu upheld the prayers of Jacobs and adjourned the matter sine die to allow the Supreme Court rule on the matter.
The Supreme Court, in its judgment, upheld EFCC’s appeal and directed Nwosu and co-defendants to submit themselves for trial before the Lagos High Court.
