TVC E. The three bank Managing Directors Mr. Erastus Akingbola of the defunct Intercontinental Bank (N47.1bn stolen).
Mr. Francis Atuche of Bank PHB (N25.7bn stolen) and Mr. Okey Nwosu of Finbank Plc (N18bn stolen) are in big trouble again as the EFCC resumes their trials.
The EFCC charged the trio with money laundering before the Federal High Court in Lagos and later initiated another charge of stealing against them before a Lagos High Court in Ikeja.
After the Lagos High Court dismissed his objection about an abuse of court process and double jeopardy Mr Nwosu appealed to the Court of Appeal, Lagos Division and won on November 21, 2014. Shortly afterwards both Messrs Akingbola and Atuche demanded the court to drop charges against them on the same grounds.
However, the EFCC took Nwosu’s matter to the Supreme Court and was handed a victory last week. On its official Facebook page the anti-graft agency wrote: “The EFCC has won a major victory in the war against economic and financial crimes as the Supreme Court categorically ruled that Okey Nwosu, former Managing Director of FinBank Plc, who is being prosecuted by the EFCC over N18bn shares scam, should face his trial.
Nwosu’s previous victories at the lower court slowed down the prosecution of other bank chiefs, who aligned with his victory, to ask that their cases be struck out.
But with this ruling of the apex court, the trial of the likes of Francis Atuche, formerly of BankPHB, and Erastus Akingbola, formerly of Intercontinental Bank would receive a major boost.”
