Court Convicts Former Bank MD, Okey Nwosu, 3 Others Over ₦18bn Fraud


A Lagos High Court sitting in Ikeja has convicted a former Managing Director of defunct Finbank plc, Mr. Okey Nwosu, and three other directors of the bank for stealing and committing fraudulent deals running into about N18 billion.

A breaking news aired by Channels Television on Tuesday night, January 5,  showed that Justice Lateefat Okunnu convicted the four for stealing over ₦18 billion from the now defunct bank

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The news report show that the court headed by Justice Okunnu, a one- time deputy governor of Lagos state and wife of elder statesman, Chief Femi Okunnu(SAN) sentenced three of the convicts to a four-year jail term after ordering them to repay the 18 Billion Naira.

Established in 2006, Finbank ceased to exist after it merged with First City Monument Bank (FCMB) in a deal that was consummated on February 9, 2012 and effected in October that year.

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Ironically, this is coming at the same time FCMB is also running into stormy crisis over its managing director, Adam Nuru’s alleged dirty illicit affairs with a subordinate staff of the bank and legal wife( Moyo Thomas) of one late Tunde Thomas.

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