Justice Lateefat Okunnu of the Lagos High Court sitting in Igbosere, on Tuesday, convicted and sentenced a former Managing Director of the defunct Finbank Plc, Okey Nwosu, to three years imprisonment.
Justice Okunnu handed down the sentence after she found Nwosu and three other directors of the bank guilty of stealing over N18 billion from Finbank Plc, now First City Monument Bank (FCMB).
They were arraigned before the court by the Economic and Financial Crimes Commission (EFCC) on a 26-count charge of stealing and illegal conversion.
The convicts were first arraigned in 2013 before Justice Okunnu, but the Court of Appeal had on November 21, 2013, quashed the charge brought against them by the EFCC and set them free.
The EFCC, however, appealed to the Supreme Court, which upheld the appeal and ordered Nwosu and others to return to the high court for their trial.
In her judgment, Justice Okunnu sentenced two of the convicts, Okey Nwosu and Dayo Famoroti, to a three-year jail term and ordered them to repay the N18 billion.
The third and fourth defendants, Danjuma Ocholi and Agnes Ebubedike were sentenced to 12 months in jail and six months of community service respectively.