{"id":77563,"date":"2021-01-05T21:30:13","date_gmt":"2021-01-05T20:30:13","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=77563"},"modified":"2021-01-05T21:30:13","modified_gmt":"2021-01-05T20:30:13","slug":"n10-9bn-fraud-court-jails-ex-finbank-md-nwosu-three-others","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/other-news\/n10-9bn-fraud-court-jails-ex-finbank-md-nwosu-three-others\/","title":{"rendered":"N10.9bn Fraud: Court Jails Ex-Finbank MD, Nwosu, Three Others"},"content":{"rendered":"
\n
<\/div>\n<\/div>\n
\n
<\/div>\n
\n
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0N10.9bn Fraud: Court Jails
\nEx-Finbank MD, Nwosu, Three Others<\/p>\n

Justice Lateefa A. Okunnu of the Lagos State High Court sitting in
\nIkeja, on Tuesday, January 5, 2021, convicted and sentenced Okey Nwosu,
\na former Managing Director, Finbank Plc, to three years imprisonment for
\nover 10m fraud.<\/p>\n

The Economic and Financial Crimes Commission, EFCC, had arraigned Nwosu
\nalongside Dayo Famuroti, Agnes Ebubedike and Danjuma Ocholi on a
\n26-count amended charge bordering on stealing and illegal conversion\u00a0 to
\nthe tune of N10,934,704,402.<\/p>\n

The defendants, who perpetrated the fraud while they were directors of
\nthe bank, pleaded not guilty to the charge preferred against them,
\nthereby leading to their full trial.<\/p>\n

In the course of the trial, the prosecution counsel, Rotimi Jacobs ,
\nSAN, called witnesses and also tendered several documents that were
\nadmitted in evidence against the defendants.<\/p>\n

Delivering her judgment, the Judge found the defendants guilty and
\nsentenced the first and second defendants, Nwosu and Famoroti, to three
\nyears imprisonment each.<\/p>\n

The Judge also sentenced the third defendant, Ocholi, to 12 months
\nimprisonment and slammed a\u00a0 six- month community service on the fourth
\ndefendant, Ebubedike.<\/p>\n

The case had, suffered a setback as the defendants challenged the
\njurisdiction of the trial court up to the Supreme Court. While the court
\nmaintained its jurisdiction to try the defendants, Nwosu approached the
\nLagos Division of the Court of Appeal which in November 2013 struck out
\nthe charge against the banker.<\/p>\n

The appellate court ruled that the Lagos High Court lacked jurisdiction
\nto entertain the charges because they emanated from capital market
\ntransactions, which should be handled by the Federal High Court.<\/p>\n

Following the appeal court ruling, Dayo Famoroti, Danjuma Ocholi and
\nAgnes Ebubedike approached the Lagos High Court to dismiss the charges
\npreferred against them.<\/p>\n

But Rotimi Jacobs, SAN, counsel to EFCC had prayed the court to adjourn
\nthe matter indefinitely pending the determination of its appeal at the
\nSupreme Court
\nJustice Okunnu upheld the prayers of Jacobs and adjourned the matter
\nsine die to allow the Supreme Court rule on the matter.<\/p>\n

The Supreme Court, in its judgment, upheld EFCC’s appeal. In a unanimous
\njudgment, a seven-man panel of Justices of the apex court faulted the
\nargument of the Court of Appeal that the decision by the EFCC to charge
\nNwosu and the other directors\u00a0 for stealing before the Lagos High Court,
\nwhile it maintained a charge of money laundering against them, would
\namount to double jeopardy.<\/p>\n

The Supreme Court directed Nwosu and co- defendants to submit themselves
\nfor trial before the Lagos High Court.<\/p><\/div>\n<\/div>\n

<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0N10.9bn Fraud: Court Jails Ex-Finbank MD, Nwosu, Three Others Justice Lateefa A.…<\/p>\n","protected":false},"author":1,"featured_media":77564,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[4],"tags":[],"class_list":["post-77563","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-other-news"],"yoast_head":"\nN10.9bn Fraud: Court Jails Ex-Finbank MD, Nwosu, Three Others - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/other-news\/n10-9bn-fraud-court-jails-ex-finbank-md-nwosu-three-others\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"N10.9bn Fraud: Court Jails Ex-Finbank MD, Nwosu, Three Others - 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