Try by the previous managing director of the defunct FinBank Plc, Mr. Okey Nwosu and Dayo Famoroti to put aside their conviction by Justice Lateefa Okunnu of the Lagos Excessive Court docket hit the rock on Wednesday, June 8, 2022 because the Court docket of Enchantment sitting at Tafawa Balewa Sq., Lagos upheld their conviction in addition to the three years jail phrases slammed on them.
Nonetheless, the appellate court docket lowered the restitution order constructed from Eighteen Billion Naira to Ten Billion Naira on the grounds that the financial institution (FinBank Plc.) had recovered about Eight Billion Naira.
Justice Okunnu, had in January 2021 convicted and sentenced Okey Nwosu and Famoroti to 3 years imprisonment over N19.2 billion fraud.
The Financial and Monetary Crimes Fee (EFCC) prosecuted Nwosu alongside Dayo Famoroti, Agnes Ebubedike and Danjuma Ocholi on a 26-count amended cost bordering on stealing and unlawful conversion to the tune of N19.2 billion.
The defendants had been mentioned to have perpetrated the fraud whereas they had been administrators of the financial institution.