S/Court or­ders ex-FinBank MD, Nwosu to face N10.9bn fraud case

Daily Trust - - NEWS - By Ade­lanwa Bamg­boye

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.

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