By  Abdulwahab  Abdulah & Oamen  Areguamen

The Economic and Financial Commission, EFCC, Tuesday, arraigned former Managing Director of FinBank Plc, Mr. Okey Nwosu and three other banks directors before an Ikeja High court on a 26-count charge bordering on alleged stealing and illegal conversion of N16. 2 billion belonging to the bank.

While Nwosu arraignment was successful before Justice Bisola Okunnu, the arraignment of his counterpart, Dr. Erastus Akingbola, the former MD of the Intercontinental Bank Plc and other directors of Intercontinental Bank however failed, because they were brought late to the court by the Economic and Criminal Crimes Commission, EFCC.  Akingbola is expected to be arraigned before Justice Habeeb Abiru.

The former FinBank MD was arraigned alongside Dayo Famoroti, Danjuma Ocholi,  Agnes Ebubedike. All of them pleaded not guilty to the offences.

The 26 count charge preferred against Nwosu and the three others partly read: “Stealing contrary to Section 390 97) of the Criminal Code Law, Cap, C17, Laws of Lagos State 2003. That Okey Nwosu, whilst being the Managing Director and Chief Executives of FinBank Plc, Dayo Famoroti, Danjuma Ocholi and Agnes Ebudike , whilst being Executive Directors of FinBank Plc between 1st September and 29th September, 2006 within the jurisdiction of this Honorable Court, fraudulently converted an aggregate sum of N496, 353, 805.25, property of FinBank Plc to the use of Springboard Trust and Investment Limited, Omden Oil & Gas Ltd, Ferbond Real Estate Limited, Busch Modern Machine Tolls Limited and Tyco Food Processors Limited.”

“Stealing contrary to Section 390 97) of the Criminal Code Law, Cap, C17, Laws of Lagos State 2003. That Okey Nwosu, whilst being the Managing Director and Chief Executives of FinBank Plc on or about 4th September, 2007, within the jurisdiction of this Honorable Court fraudulently converted the sum of N1, 216, 933, 793. 76., property of FinBank Plc, to the use of Springboard Trust and Investment Limited, Eureka Global Ventures Limited, Scannel Investment Limited and Coast Lake Nig. Limited.”