N855m Fraud: Appeal Court Upholds Conviction of Two Bank Officials

The Lagos Division of the Court of Appeal has upheld the judgement of the Lagos High Court, which sentenced two officials of Keystone Bank, Anayo Nwosu and Olajide Oshodi, to five years’ imprisonment over N855m fraud.

The appellate court in two separate judgments held that the lower court was right in handing down the sentencing on the defendants having found them guilty of corruption charges.

In her lead judgment, Justice Folasade Ayodeji Ojo held that the two appeals filed by Nwosu and Oshodi against Justice Kudirat Jose’s conviction lack merit.

Other members of the panel, Justice Olukayode Bada and Justice Paul Bassi, aligned with the lead judgement.

The appellate court resolved the three issues formulated for determination favouring the Economic and Financial Crimes Commission (EFCC).

Justice Jose had, on December 9, 2019, jailed Nwosu and Oshodi on an amended 15-count charge of conspiracy and obtaining money by false pretence brought against them by the EFCC.

The judge sentenced them to five years imprisonment, each for counts 1, 3, 4, 7, 9, 10, and 13 of stealing.

Jose also convicted an Indian businessman, Ashok Israni, of his company, NULEC Industries Limited and Keystone Bank Limited, in her judgment. The company and the bank were ordered to pay the federal government a fine of N20 million on counts one, 10 and 13.

But four months after their conviction, they were released from prison by officials of Kirikiri prison, allegedly on the directive of the Lagos government, despite the pendency of their appeals before the appellate court.

However, dissatisfied with the lower court’s verdict, the duo approached the upper court arguing that their right to a fair hearing was breached because the further amended charge was introduced after the close of evidence.

They also argued that the lower court went outside its jurisdiction by exceeding the maximum punishment prescribed by Section 390 of the Lagos State Criminal Code Law, Cap. 17, Vol. 2, Laws of Lagos State under which they were charged.

The appellants also contended that the entire transactions leading to their conviction were purely civil and between third parties different from him.

But the EFCC, through its lawyer, Rotimi Jacobs, argued that appellants did not challenge the further amended charge during the trial and that the Criminal Code Law of Lagos State permits the court to sentence a convict up to 5 years imprisonment if the thing stolen is worth N1,000.

In her lead judgment, Ojo held that the trial court complied with the procedure laid down by law when a charge is amended and that the appellant’s argument that the amendment to the charge breached their right to a fair hearing was without merit.

The Justice also held that the amount involved in the charge is more than N1,000 and contained criminal allegations of “stealing by conversion, publishing of false statement, etc., which are offences clearly defined under the Criminal Code Law of Lagos State.”

She also stated, “I have carefully examined the appeal record, and I agree with the lower court that the ingredients of counts one and three of the Amended Information were established by the first respondent (EFCC).