Okey Nwosu, a former Managing Director, Finbank Plc, was sentenced today to three years imprisonment over N10.9billion fraud.
The charge centred on the theft and conversion of N10,934,704,402.
All the four defendants pleaded not guilty to the charge, leading to their full trial.
In the course of the trial, the prosecution counsel, Rotimi Jacobs , SAN, called witnesses and also tendered several documents that were admitted in evidence against the defendants.
Delivering her judgment on Tuesday, Justice Okunnu found the defendants guilty and sentenced the first and second defendants, Nwosu and Famoroti, to three years imprisonment each.
The Judge also sentenced the third defendant, Ocholi, to 12 months imprisonment and slammed a six- month community service on the fourth defendant, Ebubedike.
The appellate court ruled that the Lagos High Court lacked jurisdiction to entertain the charges because they emanated from capital market transactions, which should be handled by the Federal High Court.
Justice Okunnu upheld the prayers of Jacobs and adjourned the matter sine die to allow the Supreme Court rule on the matter.
In a unanimous judgment, a seven-man panel of Justices of the apex court faulted the argument of the Court of Appeal that the decision by the EFCC to charge Nwosu and the other directors for stealing before the Lagos High Court.
It also ruled that a charge of money laundering against them, would amount to double jeopardy.