Attempts by former Managing Director of FinBank Plc, Okey Nwosu to further stall his on going trial over a N10.9 billion fraud was on Thursday dismissed by Justice Lateefa Okunnu of the Lagos State High Court in Ikeja.
Nwosu, who is standing trial alongside two others, Dayo Famoroti, Agnes Ebubedike and Danjuma Ocholi, all of whom were former directors of FinBank on a 26 count amended charge of stealing brought against by the Economic and Financial Crimes Commission.
When they were first arraigned in 2011, they filed a preliminary objection challenging the jurisdiction of the court to hear the case, the application was dismissed by Justice Okunnu.Dissatisfied with the ruling, the defendants approach the Lagos division of the Court of Appeal to appeal a ruling in which the lower court had asked him and the other defendants to open their defense in the theft charge.
The Appeal Court had upturned the decision of the lower court, and had freed Nwosu of the N10 billion fraud charges, stating that the court lacked the jurisdiction to try the case.
However, the EFCC had appealed the decision at the Supreme Court, which ultimately described the Appeal Court’s decision as ‘perverse’.
In the lead judgment delivered by Justice Musa Dattijo Muhammed, the Supreme Court held that the decision of the trial court delivered by Justice Okunnu prevails.
The apex court therefore ordered that the case should be sent back to the Lagos State Chief Judge for Nwosu’s expeditious trial.
When the case resumed before the lower court on Thursday, Counsel to Nwosu, Anthony Idigbe (SAN) again asked the court to stay further proceedings pending the interpretation of the Supreme Court judgement whether the matter should start afresh and before which judge.
Idigbe submitted, “My Lord, to the best of our understanding what the Supreme Court decided was that the case be forwarded to the Chief Registrar, which would forward same to a new judge so that the matter can start de novo, afresh”.
But the EFCC counsel, Rotimi Jacobs (SAN) reminded the court of the Supreme Court’s decision which decided that the ‘perverse judgement’ of the Appeal Court be set aside.
He said, “Insinuating that the prosecution wants the matter to be heard before a particular judge is unfair. I urge my Lord to take notice if the manner in which the applications were filed which were meant to truncate the dates set aside for the defense to open its case.”
Justice Okunnu however expressed reservations about the first defendant’s counsel earlier submission on the prosecution insisting on hearing the case before a particular judge.
The judge maintained “The stage at which this trial is for the defense to to open their case. Bear in mind that the prosecution closed its case in June 2013, and the trial was stalled for three years.
” It is fair that the case should continue from where it stopped, as it is a part heard case,” Justice Okunnu ruled.
Ruling on Nwosu’s application for stay of proceedings, Justice Okunnu dismissed the application, adding that she found no merit in it.
“The application for stay of proceedings is hereby dismissed, and the defense should go ahead and open their defence,” the Judge ruled.
The accused persons had filed a no case submission before Justice Okunnu, but while dismissing the submission, Okunnu held that there was a nexus between the defendants and the theft charge.
Okunnu said the prosecution had alleged that the four defendants granted loans worth N20bn without the approval or knowledge of Finbank’s board of directors.
She also noted that the prosecution had alleged that the loans were disbursed to seven companies through a subsidiary of the bank – Springboard Investment Ltd – to purchase the bank’s shares.
Justice Okunnu has adjourned the matter till February 7 for the defense to open their case.
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