Court grants N50 million bail to ex-Finbank boss, three others
An Ikeja High Court in Lagos has granted bail to former Managing Director of Finbank, Okey Nwosu and three others, standing trial for allegedly stealing N10.9 billion from the bank.
Others granted bail by Justice Lateefat Okunnu on Tuesday were Danjuma Ocholi, Dayo Famoroti and Agnes Ebubedike.
The judge granted them bail in the sum of N50 million each with two sureties in like sum.
The court ordered that the defendants should deposit their passports with the court and prohibited any foreign trips without its authority.
One of the sureties must own a property worth N50 million in either Lagos or Abuja and they must be resident in Lagos or Abuja.
They must be in the Federal Civil Service or in the employment of the Lagos State, not below Grade Level 14.
A surety must be a member of the board of directors of a financial institution or corporate organisation with head office in Lagos or Abuja.
The court demanded that the accused report to the Economic and Financial Crimes Commission (EFCC) every first working day of the month, while an officer of the agency was to verify the sureties’ addresses and documents.
Okunnu, in her ruling on the bail application filed separately by the accused lawyers said it was the law that a person was presumed innocent until found guilty.
She said the accused persons had complied with the bail conditions earlier granted to them by the Federal High Court in Lagos.
Okunnu had earlier dismissed the accused applications to quash the charges against them.
They had asked the court to dismiss the charges because it amounted to double jeopardy as they were facing similar charges at the Federal High Court and at the Investment and Securities Tribunal.
They had also challenged the jurisdiction of the court to entertain the case.
Dismissing the applications, Okunnu held that they lacked merit because the offences for which they were charged at the Federal High Court were different from the ones before her.
She said in the case at the Federal High Court, they were not accused of stealing, but of money laundering and violation of banking rules.
“None of the accused persons have provided particulars to controvert the facts that the charges are not similar.
Okunnu maintained that the case at the Federal High Court and at the Investment and Securities Tribunal are not prejudicial to the charges before her, and so do not amount to double jeopardy.
On whether the EFCC could prosecute the accused at a state high court, Okunnu said the 1999 Constitution in Section 211 authorizes the attorney-general of a state to take over criminal cases instituted by any other person or authority.
She said relevant sections of the EFCC Act allow it to institute a criminal case under a state law without the fiat of the attorney-general.
Federal Laws and the Constitution will override anything to the contrary in the Administration of Criminal Justice Law.
Okunnu said there was a fiat from the attorney-general empowering the EFCC to prosecute them, which was already before her for consideration.
On the issue of jurisdiction, she said this court can entertain the charge of stealing against the accused persons. The evidence reveals that the series of transactions took place in Lagos.”
She fixed June 23, 24 and 30 for commencement of trial.
An Ikeja High Court in Lagos has granted bail to former Managing Director of Finbank, Okey Nwosu and three others, standing trial for allegedly stealing N10.9 billion from the bank.
Others granted bail by Justice Lateefat Okunnu on Tuesday were Danjuma Ocholi, Dayo Famoroti and Agnes Ebubedike.
The judge granted them bail in the sum of N50 million each with two sureties in like sum.
The court ordered that the defendants should deposit their passports with the court and prohibited any foreign trips without its authority.
One of the sureties must own a property worth N50 million in either Lagos or Abuja and they must be resident in Lagos or Abuja.
They must be in the Federal Civil Service or in the employment of the Lagos State, not below Grade Level 14.
A surety must be a member of the board of directors of a financial institution or corporate organisation with head office in Lagos or Abuja.
The court demanded that the accused report to the Economic and Financial Crimes Commission (EFCC) every first working day of the month, while an officer of the agency was to verify the sureties’ addresses and documents.
Okunnu, in her ruling on the bail application filed separately by the accused lawyers said it was the law that a person was presumed innocent until found guilty.
She said the accused persons had complied with the bail conditions earlier granted to them by the Federal High Court in Lagos.
Okunnu had earlier dismissed the accused applications to quash the charges against them.
They had asked the court to dismiss the charges because it amounted to double jeopardy as they were facing similar charges at the Federal High Court and at the Investment and Securities Tribunal.
They had also challenged the jurisdiction of the court to entertain the case.
Dismissing the applications, Okunnu held that they lacked merit because the offences for which they were charged at the Federal High Court were different from the ones before her.
She said in the case at the Federal High Court, they were not accused of stealing, but of money laundering and violation of banking rules.
“None of the accused persons have provided particulars to controvert the facts that the charges are not similar.
Okunnu maintained that the case at the Federal High Court and at the Investment and Securities Tribunal are not prejudicial to the charges before her, and so do not amount to double jeopardy.
On whether the EFCC could prosecute the accused at a state high court, Okunnu said the 1999 Constitution in Section 211 authorizes the attorney-general of a state to take over criminal cases instituted by any other person or authority.
She said relevant sections of the EFCC Act allow it to institute a criminal case under a state law without the fiat of the attorney-general.
Federal Laws and the Constitution will override anything to the contrary in the Administration of Criminal Justice Law.
Okunnu said there was a fiat from the attorney-general empowering the EFCC to prosecute them, which was already before her for consideration.
On the issue of jurisdiction, she said this court can entertain the charge of stealing against the accused persons. The evidence reveals that the series of transactions took place in Lagos.”
She fixed June 23, 24 and 30 for commencement of trial.
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