FinBank N10.8bn fraud: Court reverses bench warrant order against CBN, FCMB others

Justice Lateefa Okunnu of a Lagos High Court in Ikeja on Tuesday rescinded a bench warrant she earlier made against the Company Secretary of the Central Bank of Nigeria (CBN), First City Monument Bank (FCMB) and one Judith Agwu over their non-compliance in tendering some relevant documents in the on-going fraud case against former Managing Director of FinBank, Okey Nwosu and three others.

The former FinBank managing director, alongside three former directors of the defunct bank – Dayo Famoroti, Danjuma Ocholi and Agnes Ebubedike, are being tried for a N10.9bn fraud brought against them by the Economic and Financial Crimes Commission (EFCC).

At the resumed trial on Tuesday, counsel to Nwosu, M. K. Oragwu, informed the court that the representatives from CBN and FCMB were present in court.

Representatives of the CBN Lagos and a deputy director, Banking Services, Egboagwu Ezulu, also acknowledged that CBN was served with the subpoena, and thereafter tendered the documents sent through him from the bank.

The Head of Litigation for FCMB, Elonna Ezulu, also tendered some documents relating to the matter whose admissibility was however objected to by the EFCC counsel, Rotimi Jacobs on the grounds that the representative of FCMB is not a witness and therefore tender evidence relating to the case on the grounds of fair hearing.

“He cannot tender documents before the court because the prosecution would not be able to cross examine him.

“It also should be noted that the Annual Returns of the bank, the financial statements are supposed to be filed at the Corporate Affairs Commission and CBN.

The defense cannot just call on FCMB to submit their copy,” Jacobs said.

Nwosu’s Counsel, N.K Oragwu however maintained that the opposition from the EFCC Prosecutor was frivolous, alleging that the representatives of the banks conferred with the prosecutor, before the court began proceedings.

In her ruling, Justice Okunnu admitted the financial statements of FinBank, the Annual Report and Expenditure, Merger Expenses as exhibits, while the other condensed documents she admitted as exhibits for identification purposes.

The matter was consequently adjourned till April 7, for continuation of trial.

Recalled that the defendants were arraigned in 2013 before Justice Okunnu, but the Court of Appeal had on November 21, 2013 quashed the charges pressed against them by the EFCC and set them free.

The EFCC, however, appealed to the Supreme Court, which last year upturned the appeal and ordered Nwosu and others to return to the high court for their trial.