S/Court orders ex-FinBank MD, Nwosu to face N10.9bn fraud case
The Supreme Court has ordered a former Managing Director of FinBank Plc, Okey Nwosu, to face criminal trial before the Lagos High Court.
Mr. Nwosu, alongside Dayo Famoroti, Agnes Ebubedike and Danjuma Ocholi, - all former directors of the bank, are being prosecuted by the Economic and Financial Crimes Commission (EFCC) on a 26-count amended charge of stealing.
In a unanimous decision over the weekend, the apex court allowed the appeal filed by the federal government and set aside the perverse judgment of the Court of Appeal.
In the leading judgment delivered by Justice Musa Dattijo Muhammed, the Supreme Court held that the decision of the trial court delivered by Justice Lateefa Okunnu prevails.
The apex court therefore ordered that the case should be sent back to the Lagos State Chief Judge for Okey Nwosu’s expeditious trial.
The Lagos division of the Court of Appeal had said the Lagos High Court lacked jurisdiction to try the case and thereby freed Okey Nwosu, who was accused of N10.9bn fraud.
The accused persons had filed a no case submission before Justice Lateefa Okunnu, but while dismissing the submission, Okunnu held that there was a nexus between the defendants and the theft charge.
Okunnu said the prosecution had alleged that the four defendants granted loans worth N20bn without the approval or knowledge of Finbank’s board of directors.
She also noted that the prosecution had alleged that the loans were disbursed to seven companies through a subsidiary of the bank Springboard Investment Ltd to purchase the bank’s shares.