A Lagos Court of Appeal has upheld the three-year-jail sentence of Okey Nwosu, former managing director of the defunct FinBank.

The Economic and Financial Crimes Commission (EFCC) announced the court’s decision in an official statement on Wednesday.

“Attempt by the former managing director of the defunct FinBank PLC, Mr. Okey Nwosu, and Dayo Famoroti to set aside their conviction by Justice Lateefa Okunnu of the Lagos High Court literally hit the rock today June 8, 2022 as the Court of Appeal sitting at Tafawa Balewa Square, Lagos, upheld their conviction as well as the three years jail terms slammed on them,” EFCC stated on Wednesday.

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Lateefa Okunnu, a judge of the Lagos High Court, had convicted and sentenced Nwosu to three years in prison over N19.2 billion fraud in January 2021.

The 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. They carried out their fraudulent activities when they were directors of Finbank.

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Nwosu and Famoroti tried to appeal Okunnu’s judgement but the Court of Appeal has ruled out their appeal.

The Court of Appeal reduced the restitution order made from N18,000,000,000 to N10,000,000,000 because FinBank PLC had recovered about N8,000,000,000 of the stolen funds.