The Lagos State High Court, in Ikeja, has sentenced an Ex-Managing Director of now defunct Finbank Plc, Okey Nwosu, to three years behind bars over a fraud of N10.9billion.
The sentence was passed by Justice Lateefat Okunnu on Tuesday after Nwosu was convicted alongside three former directors– Dayo Famoroti, Danjuma Ocholi and Agnes Ebubedike of the defunct Finbank Plc.
It is recalled that all four convicted persons were arraigned before Justice Lateefat Okunnu in 2013; for a 26-count charge on stealing and illegal conversion to the tune of N10,934,704,402.
However, the Court of Appeal had set them free that same year; after cancelling the charges filed by the Economic and Financial Crimes Commission (EFCC) against them.
Following a fresh appeal by the EFCC, the Supreme Court upheld the charges and ordered all four to appear before the High Court to stand trial.
Both Okey Nwosu and Dayo Famoroti were handed three years jail term by Justice Okunnu; with a refund order, while Danjuma Ocholi was sentenced to 12 months in prison with Agnes Ebubedike expected to carry out community service for six months.