The Former Managing Director of the defunct FinBank Plc, Okey Nwosu and Dayo Famoroti have failed to set aside their conviction as the Court of Appeal sitting Lagos Division on Wednesday upheld their conviction.
The court affirmed that the three years jail terms earlier slammed on them by Justice Lateefa Okunnu of the Lagos High Court stayed.
The appellate court, however reduced the restitution order made from N18 billion to N10 billion on the grounds that the bank (FinBank Plc.) had recovered about N8 billion.
Justice Okunnu, had in January 2021 convicted and sentenced Nwosu and Famoroti to three years imprisonment over a N19.2 billion fraud.
The Economic and Financial Crimes Commission (EFCC) prosecuted both men, 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.