Efforts by the former Managing Director of the defunct FinBank Plc, Mr. Okey Nwosu and Dayo Famoroti, to set aside their conviction by Justice Lateefa Okunnu of an Ikeja High Court of Lagos, hit the rock today, as the Lagos Division of the Court of Appeal, upheld their conviction as well as the three years jail terms slammed on them.
The Appeal, however reduced the restitution order made from N18 Billion to N10 billion, on the grounds that the bank (FinBank Plc.) had recovered about N8 billion.
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.