•••REDUCES HIS RESTITUTION FROM N18 BILLION TO N10BILLION
The Court of Appeal sitting at Tafawa Balewa Square, Lagos on Wednesday confirmed the conviction of the former managing director of the defunct FinBank Plc, Mr. Okey Nwosu and Dayo Famoroti.
The duo had approached the Lagos High Court demanding Justice Lateefa Okunnu of the Lagos High Court to set aside their convictions.
But the Appeal Court today threw the appeal out and confirmed the convictions and the three years jail sentence placed on them.
In statement by the Head: Media and Publicity, Wilson Uwujaren said the appellate court reduced the restitution order made from N18 billion to N10billion on the grounds that the bank (FinBank Plc.) had recovered about N8billion.
“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.” The statement reads.
