The Economic and Financial
Crimes Commission, EFCC, on Thursday, February 28, 2013, told a Lagos State
High Court sitting in Ikeja, that the former managing director of the defunct
FinBank Plc, Okey Nwosu and three of his former directors standing trial for
an alleged N20 billion scam used the bank’s depositors’ funds to purchase
shares without the consent of the board of directors of the bank. The
other directors are Dayo Famoroti, Danjuma Ocholi and
Agnes Ebubedike,
EFCC’s witness, Mr. Usman
Zakari told the court that the shares were purchased using seven different
company names which, according to him, were neither incorporated by the bank nor
authorized to carry out the transactions.
EFCC counsel, Mr. Rotimi
Jacobs, SAN, also presented a documented proof of the board’s resolution
on the said shares’ acquisition. The document did not contain any approval for
the purchase of the shares.
Counsel to the first defendant, Nnamdi Oragwu objected to the admittance of the document as an exhibit before the court.
According to him "the defence is surprised at this document and is seeing it for the first time". Counsel to the third defendant, Kunle Ogunlesi, SAN also argued that the author of the document should have been in court to tender the document and not the witness. While counsels to the second and fourth defendants; Seyi Sowemimo, SAN, and I. A. Adedipe, SAN respectively, aligned with the submissions of Oragwu and Ogunlesi. They all prayed the court to discountenance the document.
Justice Okunnu, however, overruled the defence counsel and asked them to proceed with the cross examination of the witness. She also admitted the document as an exhibit.
Counsel to the first defendant, Nnamdi Oragwu objected to the admittance of the document as an exhibit before the court.
According to him "the defence is surprised at this document and is seeing it for the first time". Counsel to the third defendant, Kunle Ogunlesi, SAN also argued that the author of the document should have been in court to tender the document and not the witness. While counsels to the second and fourth defendants; Seyi Sowemimo, SAN, and I. A. Adedipe, SAN respectively, aligned with the submissions of Oragwu and Ogunlesi. They all prayed the court to discountenance the document.
Justice Okunnu, however, overruled the defence counsel and asked them to proceed with the cross examination of the witness. She also admitted the document as an exhibit.
Justice Okunnu adjourned
the case to March 27, 2013.
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