Attempts by the former managing director of the defunct FinBank Plc, Okey Nwosu and Dayo Famoroti to set aside their conviction by Justice Lateefa Okunnu of the Lagos High Court didn’t succeed.
On June 8, 2022 as the Court of Appeal sitting at Tafawa Balewa Square, Lagos upheld their conviction and the three years jail terms slammed on them.
But, the appellate court reduced the restitution order made from Eighteen Billion Naira to Ten Billion Naira on the grounds that the bank (FinBank Plc.) had already recovered about Eight Billion Naira.
Justice Okunnu, had in January 2021 convicted and sentenced Okey Nwosu and Mr Famoroti to three years imprisonment over a N19.2 billion fraud.
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.
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