Stealing: Appeal Court Affirms 3-Year Jail Term For Ex-FinBank’s MD

The Court of Appeal sitting at Tafawa Balewa Square, Lagos, on Wednesday upheld a lower court conviction of Mr. Okey Nwosu, a former Managing Director of FinBank and Dayo Famoroti.

According to a Facebook post by the Economic and Financial Crimes Commission (EFCC), it had 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.

In January 2021, they were sentenced to three years jail following convictions by Justice Lateefa Okunnu of the Lagos High Court.

Dissatisfied with the verdict, the duo had approached the Appeal Court to set aside the judgment.

But their attempt was foiled by the appellate court when it affirmed the jail terms.

The Court, however, reduced the restitution order imposed on them from N18b to N10b on the grounds that FinBank had recovered about N8b.

The convicts were said to have perpetrated the fraud while they were directors of the bank.