The Court of Appeal sitting at Tafawa Balewa Square, Lagos has upheld the conviction of former managing director of the defunct FinBank Plc, Mr. Okey Nwosu and Dayo Famoroti.
Justice Lateefa Okunnu, had in January 2021 convicted and sentenced Okey Nwosu and Dayo Famoroti to three years imprisonment over N19.2 billion fraud.
Attempt by them to set aside the conviction of the Lagos high court failed on Wednesday .
READ ALSO: Soludo Names Popular Actor , Bob Manuel Special Adviser On Tourism
However, the appellate court reduced the restitution order made from eighteen billion Naira to ten billion naira on the grounds that the bank (FinBank Plc.) had recovered about eight billion naira.
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.
