By Onyewuchi Ojinnaka
A Lagos State High Court, Ikeja judicial division on Tuesday January 5, convicted and sentenced a former Managing Director of Finbank Plc, Mr Okey Nwosu to three years imprisonment for over N10 billion fraud.
The Economic and Financial Crimes Commission,(EFCC), had arraigned Nwosu alongside Dayo Famoroti, Agnes Ebubedike and Danjuma Ocholi on a 26-count amended charge bordering on stealing and illegal conversion to the tune of N10,934,704,402.
The defendants, who perpetrated the fraud while they held sway as directors of the bank, pleaded not guilty to the charge preferred against them, thereby leading to their full trial.
In the course of the trial, the prosecution counsel, Rotimi Jacobs (SAN), called some witnesses and also tendered several documents which were admitted in evidence against the defendants.
Delivering her judgment, the trial judge, Justice Lateefat A. Okunnu found the defendants guilty and sentenced the first defendant, Nwosu and second defendant, Famoroti, to three years imprisonment each.
The Judge also sentenced the third defendant, Ocholi, to 12 months imprisonment while the fourth defendant Ebubedike bagged 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.
While the court maintained its jurisdiction to try the defendants, Nwosu approached the Lagos division of the Court of Appeal which in November 2013 struck out the charge against the banker.
The Appeal Court ruled that the Lagos High Court lacked jurisdiction to entertain the charges because they emanated from capital market transactions, which ought to be handled by the Federal High Court.
Following the appeal court ruling, Dayo Famoroti, Danjuma Ocholi and Agnes Ebubedike approached the Lagos High Court to dismiss the charges preferred against them.
But Rotimi Jacobs (SAN), counsel to EFCC had in his submission prayed the court to adjourn the matter indefinitely pending the determination of its appeal at the Supreme Court.
Justice Okunnu upheld the prayers of Jacobs and adjourned the matter sine die (indefinitely) to allow the Supreme Court rule on the matter.
The Supreme Court, in its judgment, upheld EFCC’s appeal.
In a unanimous judgment, a seven-man panel of Justices of the Apex Court 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.
