Tuesday, July 5, 2022

Appeal court upholds conviction of former bank MD over N19.2bn fraud

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By Umar Audu

A Court of Appeal sitting in Lagos has upheld the conviction of Former Managing Director of FinBank, Okey Nwosu and Dayo Famoroti over N19.2 billion fraud, following their arraignment by the Economic and Financial Crimes Commission, EFCC.

Recall that in January 2021, Justice Lateefat Okunnu of Lagos High Court had convicted and sentenced Messrs Nwosu and Famoroti to three years’ imprisonment.

But the EFCC spokesman, Wilson Uwujaren, in a statement on Wednesday, said the appellate court reduced the restitution order made from N18billion to N10billion on the grounds that the bank (FinBank Plc.) had recovered about N8billion.

sun newspaper

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