Welcome, Guest: Join Nairaland / LOGIN! / Trending / Recent / New
Stats: 2,624,434 members, 6,119,072 topics. Date: Tuesday, 26 January 2021 at 06:28 AM

₦10.9 Billion Fraud: Court Jails Ex-Finbank MD, Nwosu, Three Others - Crime - Nairaland

Nairaland Forum / Nairaland / General / Crime / ₦10.9 Billion Fraud: Court Jails Ex-Finbank MD, Nwosu, Three Others (12519 Views)

Obinwanne Okeke "InvictusObi" Pleads Guilty To ₦4.2 Billion Fraud / Court Remands Mompha In Prison Custody Over N33 Billion Fraud / EFCC Declares Woman Wanted For N1 Billion Fraud (photo) (2) (3) (4)

(1) (2) (Reply) (Go Down)

₦10.9 Billion Fraud: Court Jails Ex-Finbank MD, Nwosu, Three Others by fergie001: 10:57pm On Jan 05
N10.9bn Fraud: Court Jails Ex-Finbank MD, Nwosu, Three Others

Justice Lateefa A. Okunnu of the Lagos State High Court sitting in Ikeja, on Tuesday, January 5, 2021, convicted and sentenced Okey Nwosu, a former Managing Director, Finbank Plc, to three years imprisonment for over 10bn fraud.

The Economic and Financial Crimes Commission, EFCC, had arraigned Nwosu alongside Dayo Famuroti, Agnes Ebubedike and Danjuma Ocholi on a 26-count amended charge bordering on stealing and illegal conversion to the tune of N10,934,704,402.

The defendants, who perpetrated the fraud while they were directors of the bank, pleaded not guilty to the charge preferred against them, thereby leading to their full trial.

In the course of the trial, the prosecution counsel, Rotimi Jacobs , SAN, called witnesses and also tendered several documents that were admitted in evidence against the defendants.

Delivering her judgment, the Judge found the defendants guilty and sentenced the first and second defendants, Nwosu and Famoroti, to three years imprisonment each.

The Judge also sentenced the third defendant, Ocholi, to 12 months imprisonment and slammed a six-month community service on the fourth defendant, Ebubedike.

The case had, suffered a setback as the defendants challenged the jurisdiction of the trial court up to the Supreme Court. While the court maintained its jurisdiction to try the defendants, Nwosu approached the Lagos Division of the Court of Appeal which in November 2013 struck out the charge against the banker.

The appellate court ruled that the Lagos High Court lacked jurisdiction to entertain the charges because they emanated from capital market transactions, which should be handled by the Federal High Court.

Following the appeal court ruling, Dayo Famoroti, Danjuma Ocholi and Agnes Ebubedike approached the Lagos High Court to dismiss the charges preferred against them.

But Rotimi Jacobs, SAN, counsel to EFCC had prayed the court to adjourn the matter indefinitely pending the determination of its appeal at the Supreme Court.

Justice Okunnu upheld the prayers of Jacobs and adjourned the matter sine die to allow the Supreme Court rule on the matter.

The Supreme Court, in its judgment, upheld EFCC's appeal. In a unanimous judgment, a seven-man panel of Justices of the apex court faulted the argument of the Court of Appeal that the decision by the EFCC to charge Nwosu and the other directors for stealing before the Lagos High Court, while it maintained a charge of money laundering against them, would amount to double jeopardy.

The Supreme Court directed Nwosu and co- defendants to submit themselves for trial before the Lagos High Court.

SOURCE

3 Likes 2 Shares

Re: ₦10.9 Billion Fraud: Court Jails Ex-Finbank MD, Nwosu, Three Others by gaius01(m): 10:59pm On Jan 05
Arrrrrrrh

I don't know how this judges do give their verdict on certain issues. 3 years? Ah ! It's too small, please give him 2OYears.

If I have that amount I know my generation to come will never be poor in life unless they spend recklessly without investing.

Such kind of amount need a lot of years in jail!

Very greedy and emotionless kind of people!

20 Likes

Re: ₦10.9 Billion Fraud: Court Jails Ex-Finbank MD, Nwosu, Three Others by Golan007: 11:01pm On Jan 05
Watch how an appeal court would find fault in the ruling.

11 Likes

Re: ₦10.9 Billion Fraud: Court Jails Ex-Finbank MD, Nwosu, Three Others by XXXXTENTACION: 11:04pm On Jan 05
Golan007:
Watch how an appeal court would find fault in the ruling.
You sabi am abeg !!


laws are only made for poor people.

23 Likes

Re: ₦10.9 Billion Fraud: Court Jails Ex-Finbank MD, Nwosu, Three Others by Kingosytex(m): 11:07pm On Jan 05
N 10billion = 3years.

I think the risk is worth taking grin grin cheesy cheesy
A rich man that stole billions is given a three year sentence (which can be appealed and as such the sentence might be reduced or better still overturned ) while a poor man that steals peanut is destined for doom. This boils down to an inverse proportion... The more you steal, the lesser sentence you get.

I don't support stealing, I detest it with every blood in my veins but if you must steal, do it big...na security go de even guard you.

Naija na sweet country i swear, we have a very long way to go.

35 Likes 1 Share

Re: ₦10.9 Billion Fraud: Court Jails Ex-Finbank MD, Nwosu, Three Others by oluDharay(m): 11:08pm On Jan 05
Just 3yrs imprisonment for a fraud of almost 11bn.

Naija which way na!!

4 Likes

Re: ₦10.9 Billion Fraud: Court Jails Ex-Finbank MD, Nwosu, Three Others by fergie001: 11:09pm On Jan 05
Kingosytex:
N 10billion = 3years.

I think the risk is worth taking grin grin cheesy cheesy
Haaaa

26 Likes 1 Share

Re: ₦10.9 Billion Fraud: Court Jails Ex-Finbank MD, Nwosu, Three Others by SilverNorGold(m): 11:15pm On Jan 05
Nice... Looters are fast becoming an endangered species in Nigeria.. All thanks to the President!

However, the judiciary is not helping matters at all... Why three years' imprisonment? Na Royco him steal? No wahala sha, we go soon reason their matter...

May God bless and heal Nigeria.

3 Likes 1 Share

Re: ₦10.9 Billion Fraud: Court Jails Ex-Finbank MD, Nwosu, Three Others by internationalman(m): 12:04am On Jan 06
Just hand him to to the boys for jungle justice to be served.

1 Like

Re: ₦10.9 Billion Fraud: Court Jails Ex-Finbank MD, Nwosu, Three Others by tillaman(m): 5:36am On Jan 06
sad
Re: ₦10.9 Billion Fraud: Court Jails Ex-Finbank MD, Nwosu, Three Others by abragr8: 5:37am On Jan 06
Hmm
Re: ₦10.9 Billion Fraud: Court Jails Ex-Finbank MD, Nwosu, Three Others by nextBIGthing: 5:37am On Jan 06
Most of the bank MDs are nothing but rippers

6 Likes

Re: ₦10.9 Billion Fraud: Court Jails Ex-Finbank MD, Nwosu, Three Others by superior1: 5:37am On Jan 06
3 years jail terms (which they won’t serve anyway) for 10Billion naira, that is a tempting offer for even me

2 Likes 1 Share

Re: ₦10.9 Billion Fraud: Court Jails Ex-Finbank MD, Nwosu, Three Others by GofuckYourself(m): 5:40am On Jan 06
Re: ₦10.9 Billion Fraud: Court Jails Ex-Finbank MD, Nwosu, Three Others by leadedge: 5:41am On Jan 06
We need more of this people convicted to make other sit tight...both private and public sector in this country has nothing to write home about.
Re: ₦10.9 Billion Fraud: Court Jails Ex-Finbank MD, Nwosu, Three Others by SmartPolician: 5:46am On Jan 06
A case of 2013 is being decided 8 years later.

Nigerian judiciary, una well done.

4 Likes

Re: ₦10.9 Billion Fraud: Court Jails Ex-Finbank MD, Nwosu, Three Others by manunitedbabes: 5:48am On Jan 06
The money no show? Na old pic be this naw...

3years ? If na like no body now judge will death by hanging
Re: ₦10.9 Billion Fraud: Court Jails Ex-Finbank MD, Nwosu, Three Others by sesaan(m): 5:50am On Jan 06
Pls I will like to help anyone ready to steal 10billion you cab use my account, I wound not say anything if caught, I am ready to spend five years in jail. Contact me if you are really really ready. Thanks
Re: ₦10.9 Billion Fraud: Court Jails Ex-Finbank MD, Nwosu, Three Others by Sysdatek: 5:55am On Jan 06
leadedge:
We need more of this people convicted to make other sit tight...both private and public sector in this country has nothing to write home about.

the above is not a conviction, but a joke
Re: ₦10.9 Billion Fraud: Court Jails Ex-Finbank MD, Nwosu, Three Others by greatiyk4u(m): 5:58am On Jan 06
The man Okay Nwosu Is the current MD of Enugu Electricity Distribution Company EEDC


Your guess is as good as mine.
Re: ₦10.9 Billion Fraud: Court Jails Ex-Finbank MD, Nwosu, Three Others by obonujoker(m): 6:02am On Jan 06
What is with Nigerians and fraud?? What is this?? Don't y'all go to church and mosque, and even hear preaching at all? Haba!!

Well China just place a banker on death sentence after receiving a bribe of $227M... This is what I perceive fraudsters of that ilk deserve in Nigeria

1 Like

Re: ₦10.9 Billion Fraud: Court Jails Ex-Finbank MD, Nwosu, Three Others by Rb06: 6:03am On Jan 06
Good for him
Re: ₦10.9 Billion Fraud: Court Jails Ex-Finbank MD, Nwosu, Three Others by jUeLiZ: 6:03am On Jan 06
that is almost 11 billion...why d no count that 934 million join am gan.....btw why is he given three years sentence...but person wer steal car battery dem go burn am....oh i almost forgot dis is nigeria
Re: ₦10.9 Billion Fraud: Court Jails Ex-Finbank MD, Nwosu, Three Others by HabaHaba: 6:13am On Jan 06
Kingosytex:
N 10billion = 3years.

I think the risk is worth taking grin grin cheesy cheesy
A rich man that stole billions is given a three year sentence (which can be appealed and as such the sentence might be reduced or better still overturned ) while a poor man that steals peanut is destined for doom. This boils down to an inverse proportion... The more you steal, the lesser sentence you get.

I don't support stealing, I detest it with every blood in my veins but if you must steal, do it big...na security go de even guard you.

Naija na sweet country i swear, we have a very long way to go.

Welcome to Banana Island country!!!

Anything goes for the Dhoe!

Singing "If you no get money, wipe your face..."
Re: ₦10.9 Billion Fraud: Court Jails Ex-Finbank MD, Nwosu, Three Others by dalass(f): 6:17am On Jan 06
grin

Interesting to know that no armed robber or kidnapper can get this kind of money in operations. Only our trusted banks can do such 'miracle' grin to make such a huge sum disappear without breaking the bank vaults undecided
Re: ₦10.9 Billion Fraud: Court Jails Ex-Finbank MD, Nwosu, Three Others by Hezmatosky: 6:29am On Jan 06
gaius01:
Arrrrrrrh

I don't know how this judges do give their verdict on certain issues. 3 years? Ah ! It's too small, please give him 2OYears.

If I have that amount I know my generation to come will never be poor in life unless they spend recklessly without investing.

Such kind of amount need a lot of years in jail!

Very greedy and emotionless kind of people!
You have a very low mentality sad
Re: ₦10.9 Billion Fraud: Court Jails Ex-Finbank MD, Nwosu, Three Others by mozes01(m): 6:35am On Jan 06
[quote author=gaius01 post=97760378]Arrrrrrrh

I don't know how this judges do give their verdict on certain issues. 3 years? Ah ! It's too small, please give him 2OYears.

If I have that amount I know my generation to come will never be poor in life unless they spend recklessly without investing.

Such kind of amount need a lot of years in jail!

Very greedy and emotionless kind of people![/quote+]
Money don change hands na. U suppose know sey e no fit just free them like that.
Re: ₦10.9 Billion Fraud: Court Jails Ex-Finbank MD, Nwosu, Three Others by Xzellentgraphic: 6:38am On Jan 06
Its so sad...anyways..check my signature and contact for your graphics designs
Re: ₦10.9 Billion Fraud: Court Jails Ex-Finbank MD, Nwosu, Three Others by ibidapko(m): 6:40am On Jan 06
oluDharay:
Just 3yrs imprisonment for a fraud of almost 11bn.


Naija which way na!!
My lawyer friend said; "Give me 1 billion and I will gladly go to jail for 5 years. A payment of 50,000 monthly to the Prison authorities will guarantee a reasonable living standard in prison. Another 100,000 to repair the cell accommodation and toilet fittings, and a daily feeding allowance 10,000 will make the 5 years term look like a business venture.

4 Likes 1 Share

Re: ₦10.9 Billion Fraud: Court Jails Ex-Finbank MD, Nwosu, Three Others by bewla(m): 6:42am On Jan 06
No head Justice
Re: ₦10.9 Billion Fraud: Court Jails Ex-Finbank MD, Nwosu, Three Others by zeusdgrt(m): 6:43am On Jan 06
Next

(1) (2) (Reply)

Nigerian Men Arrested With 600 Grams Of Heroin In India (pics) / Graphic Pics: Chinese Girl Cuts Off Ghana Guy’s Manhood In China / Six Apprehended For Killing Tanker Driver In Niger (Photo)

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2021 Oluwaseun Osewa. All rights reserved. See How To Advertise. 90
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.