Former Finbank Managing Director, Others Back In Custody

Lagos (THEWILL) - A federal High Court in Lagos presided over by Justice Dan Abutu on Wednesday ruled that Mr. Okey Nwosu, sacked former managing director of Finbank Plc, and three other directors be remanded in EFCC custody pending when they fulfill their bail conditions.

The other three directors are Dayo Famoroti, Agnes Ebubedike and Danjuma Ocholi.

They had all met an earlier bail condition granted them in September when they were arraigned by the commission in a different case after their sack by the CBN.

The EFCC in its new 90 count charges against them alleged the executives laundered N100 billion naira through insider abuse and manipulation of the bank’s shares between 2006 and 2007. It also accused the executives of granting more than N9.3 billion naira in reckless loans without due diligence during the same period.

The former bank employees pleaded not guilty to the charges and applied for bail, which was subsequently granted despite the objections of the prosecution attorney, Rotimi Jacobs.

The accused will have to provide N50 million naira each with one surety in the same amount. The surety must be resident in Nigeria and must either be a director in a company or a civil servant at the level of a director. He must also have real estate in the same amount in Victoria Island, Ikoyi or Asokoro in Abuja.