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A judge of the Lagos State High Court Sitting in Ikeja, Lateefa Okunnu, on Tuesday, sentenced Okey Nwosu, a former managing director, Finbank Pls, to three years imprisonment on charges bordering on N10 billion fraud.
Nwosu was arraigned alongside Dayo Famuroti, Agnes Ebubedike and Danjuma Ocholi by the Economic and Financial Crimes Commission (EFCC) on a 26-count amended charge involving stealing and illegal conversion amounting to N10.9 billion, The Cable reports.
The prosecution counsel, Rotimi Jacobs, SAN, called several witnessed and presented documents that were admitted as evidence against the defendants, who pleaded not guilty to the charged brought against them, hence leading to their full trial.
The judge while delivering her judgement, found the defendants guilty and sentenced the first and second defendants, Nwosu and Famoroti, to three years imprisonment each.
Also sentenced was the third defendant, Ocholi, who was sentenced to 12 months imprisonment while the fourth defendant, Ebubudike was slammed a six- month community service.
The case had, suffered a setback as the defendants challenged the jurisdiction of the trial court up to the supreme court.
The EFCC approached the supreme court to determine the level of jurisdiction of the court. The supreme court, in its judgment, upheld EFCC’s appeal.
The apex court in a unanimous judgment, a seven-man panel of justices faulted the argument of the court of appeal that the decision by the EFCC to charge Nwosu and the other directors for stealing before the Lagos high court, while it maintained a charge of money laundering against them, would amount to double jeopardy.
The supreme court directed Nwosu and co- defendants to submit themselves for trial before the Lagos high court.
This post was written by Obiajulu Joel Nwolu.
The views expressed here belong to the author and do not necessarily reflect our views and opinions.