The Court of Appeal in Lagos on Wednesday upheld the conviction as well as the three years jail terms slammed on former Managing Director of the defunct FinBank Plc, Mr Okey Nwosu and Dayo Famoroti.
The duo had approached the appellate court, seeking to set aside their conviction by Justice lateefat Okunnu of the Lagos High Court
But the appellate court has reduced the restitution order made from N18billion to N10billion on the grounds that the bank (FinBank Plc.) had recovered about N8billion
Justice Okunnu, had in January 2021 convicted and sentenced Okey Nwosu and Famoroti to three years imprisonment over N19.2 billion fraud.
The Economic and Financial Crimes Commission (EFCC) prosecuted Nwosu alongside Dayo Famoroti, Agnes Ebubedike and Danjuma Ocholi on a 26-count amended charge of 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.
