Appeal Court affirms ex-FinBank MD, Okey Nwosu’s conviction

Appeal Court affirms ex-FinBank MD, Okey Nwosu’s conviction

An appeal court sitting at Tafawa Balewa Square, Lagos has upheld the conviction of Mr. Okey Nwosu, former managing director of the defunct FinBank Plc, and Dayo Famoroti for fraud.

The duo had appealed a three-year jail sentence handed down to them by Justice Lateefa Okunnu of the Lagos High Court over N19.2 billion fraud.

Justice Okunnu, had in January 2021 convicted and sentenced Nwosu and Famoroti to three years imprisonment.

The Economic and Financial Crimes Commission (EFCC) prosecuted 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 N19.2 billion.

The defendants were said to have perpetrated the fraud while they were directors of the bank.

However, the appellate court reduced the restitution order made from N18 billion to N10 billion on the grounds that the bank (FinBank Plc.) had recovered about N8 billion.