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TransparencIT
@TransparencITng

Money laundering

May 1, 2025

FRN vs Okey Nwosu (Former Managing Director of Finbank) & 3 others

Humans

Okey Nwosu
& 3 others

Money bag

N10,934,704,402.00
Amount allegedly laundered

Money bag

Case Summary
The accused persons were arraigned on alleged stealing and illegal conversion of N19.2 billion belonging to the Bank

Calendar

3,528
Day(s) case tried in court

Gavel

Case Update
The trial Judge, while delivering her judgment, found the defendants guilty and sentenced the first and second defendants to three years imprisonment each. The Judge further sentenced the third defendant to 12 months imprisonment and the fourth defendant to six-month community service. The Court of Appeal, in a unanimous decision, upheld the conviction and subsequent sentencing of the defendants.

Court house

Hon. Justice L. A. Okunnu
State High Court, Ikeja, Lagos

Legislation

ACJA/ACJL Compliance - violated

Case Information
Okey Nwosu & 3 others
Presiding Judge & Designated Court
Hon. Justice L. A. Okunnu, State High Court, Ikeja, Lagos
Nature and Number of Charges
26-count charge bordering on alleged stealing, illegal conversion and money laundering.
Date of 1st Arraignment
May 10, 2011
Summary of Case
The accused persons were arraigned on alleged stealing and illegal conversion of N19.2 billion belonging to the Bank
Defendant(s) and Plea entered on Arraignment
1. Okey Nwosu (Former Managing Director of Finbank) – Not guilty
2. Dayo Famoroti (Former Director of Finbank) – Not guilty
3. Danjuma Ocholi (Former Director of Finbank) – Not guilty
4. Agnes Ebubedike. (Former Director of Finbank) – Not guilty
Defence Counsel(s)
1. Nnamdi Oragwu (Lawyer)
2. Kunle Ogunlesi (Senior Advocate Of Nigeria)
3. Seyi Sowemimo (Senior Advocate Of Nigeria)
4. Seyi Sowemimo (Senior Advocate Of Nigeria)
Prosecuting Agency
Economic and Financial Crimes Commission
Prosecutor(s)
1. Rotimi Jacobs (Senior Advocate of Nigeria)
Status of Case
Decided
Decision
Convicted
Length of Trial
3,528 day(s)
ACJA/ACJL Compliance
Violated
Court Decision
The trial Judge, while delivering her judgment, found the defendants guilty and sentenced the first and second defendants to three years imprisonment each. The Judge further sentenced the third defendant to 12 months imprisonment and the fourth defendant to six-month community service. The Court of Appeal, in a unanimous decision, upheld the conviction and subsequent sentencing of the defendants.