BusinessLegal/Judiciary

N19.2 billion fraud: Okey Nwosu’s conviction confirmed by Appeal Court

By Francis IWUCHUKWU

The Lagos Division of the Court of Appeal sitting at Tafawa Balewa Square, Nigeria, on Wednesday affirmed the conviction of the former managing director of the defunct FinBank Plc, Okey Nwosu and Dayo Famoroti, as well as the three-year-jail terms slammed on them by Justice Lateefa Okunnu of the High Court of Lagos State.

But the Court of Appeal reduced the restitution order made from Eighteen Billion Naira to Ten Billion Naira because the bank (FinBank Plc.) had recovered about Eight Billion Naira.

It would be recalled that Justice Okunnu had in January 2021 convicted and sentenced Okey Nwosu and Famoroti to three years imprisonment over N19.2 billion fraud.

This is after the Economic and Financial Crimes Commission, EFCC, successfully 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.

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