By Tosin Olatokunbo
Former managing director of Defunct Fin Bank, Okey Nwosu has been jailed for three years after he was convicted of N10 billion fraud by a Lagos state high court, Ikeja, alongside three others.
Justice Lateefa Okunnu sentenced Nwosu, Dayo Famuroti, Agnes Ebubedike and Danjuma on a 26 count charge of fraud preferred against them by the Economic and Financial Crimes Commission, EFCC
The accused were charged by the anti-graft agency for stealing over N10 billion from the bank while Nwosu was the chief executive. The other three were directors of the defunct bank, at the time.
The judge found the defendants guilty and sentenced the first and second defendants, Nwosu and Famoroti, to three years imprisonment each.
She also sentenced the third defendant, Ocholi, to 12 months imprisonment while the fourth defendant, Ebubedike was directed to go for a six month community service.
Recall that the case suffered a setback, when the defendants challenged the jurisdiction of the Lagos High court to try the case, on the reason that it was a capital market issue, which only the federal courts have jurisdiction.
The Supreme court later affirmed the jurisdiction of the trial court over the matter, after the EFCC appealed the judgment of court of appeal, which upheld the argument of the defendants.
In a unanimous judgment, a seven-man panel of justices of the apex court faulted the argument of the court of appeal. It however rejected a charge of money laundering against the defendants, which it said would amount to double jeopardy.
