Appeal Court reaffirms ex-MD FinBank, Okey Nwosu, Dayo Famoroti

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The Court of Appeal sitting at Tafawa Balewa Square, Lagos, upheld the former Managing Director of the defunct FinBank Plc, Mr. Okey Nwosu and Dayo Famoroti.

They had approached the Appeal Court in order to set aside their conviction by Justice Lateefa Okunnu of the Lagos High Court of three years jail terms.

However, the appellate court, which delivered its judgement on June 8, 2022, reduced the restitution order made from Eighteen Billion Naira to Ten Billion Naira on the grounds that the bank (FinBank Plc.) had recovered about Eight Billion Naira.

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