Court of Appeal affirms ex-bank Managing director conviction for 19bn Fraud
CASE NUMBER 10963:
Court of Appeal affirms ex-bank Managing director conviction for 19bn Fraud

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Alleged Perpetrators(s)
Messrs Okey Nwosu Dayo Famoroti

Location (Town / State)
Lagos, Lagos

Date of Event
09 Jun 2022

Date of republication
09 June every year


Case category (Choose all that apply)
fraud

Case Summary
The conviction and subsequent sentencing of two former executives of Finbank Plc were upheld by the Court of Appeal at Tafawa Balewa Square in Lagos.

Full story
In January 2021, Justice Okunnu convicted and sentenced Nwosu and Famoroti to three years in prison for a N19.2 billion fraud.
The Economic and Financial Crimes Commission (EFCC) charged Nwosu, along with Famoroti, Agnes Ebubedike, and Danjuma Ocholi, with stealing and illegal conversion totaling N19.2 billion. The defendants allegedly committed the fraud while serving as directors of the bank.
While the three-year sentence was upheld by the three-man panel, which included Justices Jimi Bada and Mohammed Sirajo, the restitution order was reduced from N18 billion to N10 billion on the grounds that the bank (Finbank) had recovered approximately N8 billion.

Photo credit: https://dailypost.ng/wp-content/uploads/2017/07/okey.jpg.webp

External links/URLs
https://www.thisdaylive.com/index.php/2022/06/09/appeal-court-upholds-conviction-of-former-finbank-md-nwosu-director/
https://guardian.ng/features/appeal-court-affirms-nwosus-conviction/



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