N10.9bn theft: A’Court frees ex-Finbank chief, Nwosu

The Court of Appeal in Lagos has struck out charges of stealing N10.9bn belonging to Finbank Plc preferred against a former Managing Director of the bank, Mr. Okey Nwosu, by the Economic and Financial Crimes Commission.

Others who were charged along with Nwosu were former directors of the bank – Mr. Dayo Famoroti, Danjuma Ocholi and Agnes Ebubedike. But the appellate court said its decision was with respect to Nwosu.

The court held that the Lagos High Court in Ikeja where the charges were instituted against Nwosu and others had no jurisdiction over capital market-related issues which formed the basis of the charges.

Our correspondent on Wednesday obtained a copy of the judgment which was delivered by the Court of Appeal on November 21.

In the unanimous judgment, the three Justices on the panel held that the facts of the issues in the charges preferred against Nwosu and others did not support the stealing they were accused of.

Justice Sidi Baga held in his lead judgment, “The ruling of the High Court of Lagos State, (Ikeja Judicial Division (Criminal Law Division) delivered by Justice L.A Okunnu in Charge ID/115c/2011 on May 24, 2011 is hereby set aside by this court.

Source: PUNCH.