Attempts by former Managing Director of Finbank (now FCMB), Okey Nwosu, and three others to wriggle out of the N10.9b theft charge, has run into troubled waters as the Economic and Financial Crimes Commission (EFCC) on Monday urged an Ikeja High Court to dismiss the no-case submission filed by them.
Counsel to the EFCC, Mr Rotimi Jacobs (SAN), made the submission in his reply to the applications before Justice Lateefat Okunnu seeking to stop the trial of the accused.
Nwosu is standing trial with three former directors of the bank — Dayo Famoroti, Danjuma Ocholi and Agnes Ebubedike.
The EFCC had arraigned the managing director and the directors over alleged stealing of N10.9 billion, property of Finbank.
Jacobs, who argued that a prima facie case had been established against the accused, said they had a case to answer.
He said it had been established that Nwosu granted loans without the approval of the bank’s board of directors.
According to the EFCC lawyer, the funds were used to purchase the bank’s shares which were later allotted to the accused.
Jacobs said the arguments of the defendants at this stage was premature and urged the court to direct them to call their witnesses to commence trial.
Counsel to the accused — Chief Anthony Idigbe, Mr James Ocholi and Mr Yemi Sowemimo, all Senior Advocates — had on Sept. 16 asked the court to discharge them.
They argued that no prima facie case had been established against the accused to warrant opening their defence.
They further claimed that none of the nine witnesses called by the prosecution had linked the accused to the amended 26-count charge of theft preferred against them.
After listening to submissions of defence and prosecution counsel, Okunnu, adjourned ruling on the no-case submission to October 8.