Appeal Court Affirms Nwosu’s Conviction

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Attempt by former Managing Director of the defunct FinBank Plc, Mr. Okey Nwosu and his co-appellant, Dayo Famoroti, to set aside their conviction by Justice Lateefa Okunnu of the Lagos High Court has hit the rocks, as the Court of Appeal, Lagos upheld their conviction, as well as, the three years jail terms slammed on them.

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

Justice Okunnu had, in January 2021, convicted and sentenced Nwosu and Famoroti to three years imprisonment over N19.2 billion fraud.

The Economic and Financial Crimes Commission (EFCC) prosecuted Nwosu, alongside 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, reportedly perpetrated the fraud while they served as directors of the bank.

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