N10.8b Fraud: Court Vacates Bench Warrant Issued On CBN, FCMB Others

Justice Lateefa Okunnu of the Lagos State High Court in Ikeja yesterday vacated a bench warrant issued on the Central Bank of Nigeria, First City Monument Bank (FCMB) and one Judith Agwu, for failing to appear before the court to tender documents in the ongoing trial of former Managing Director of FinBank Plc, Okey Nwosu and three others.

The court vacated the order of arrest, issued at the last sitting of the court, after their representatives appeared before the court on Tuesday to give evidence and to tendered relevant documents.

Nwosu, is standing trial alongside three others, Dayo Famoroti, Agnes Ebubedike and Danjuma Ocholi, all of whom were former directors of FinBank on a 26 count amended charge of stealing brought against them by the Economic and Financial Crimes Commission (EFCC).

The defendants were first arraigned before Justice Lateefa Okunnu in 2013, but during the cause of the trial the Court of Appeal quashed the charges against them.

But the EFCC appealed the verdict to the Supreme Court, which last year upheld the appeal and ordered Nwosu and others to return to the high court for their trial.

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

The CBN representative who gave his name as Egboagwu Ezulu, a Deputy Director, Banking Services, acknowledged that apex bank 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.

But the admissibility of the documents tendered by Ezulu was challenged by the EFCC counsel, Rotimi Jacobs on the grounds that the representative of FCMB is not a witness in the matter so he cannot tender evidence relating to the case on the grounds of fair hearing.

Jacobs argued, “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, so the defense cannot just call on FCMB to submit their copy,” he stated.

Oragwu, however, maintained that the objection 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 documents in dispute, were admitted as exhibits for identification purposes only.

The judge then adjourned the matter till April 8, for continuation of trial.