17th May, 2011
Justice Lateefat Okunnu of the Ikeja High Court today deferred till 3 May ruling on the bail applications filed by the counsel to Mr Okey Nwosu, former Managing Director of Finbank Plc and three other bank executives standing trial for alleged theft.
Nwosu alongside Mrs. Agnes Ebubedike, Mr Danjuma Ocholi and Dayo Famoroti were arraigned before Justice Lateefat Okunnu by the Economic and Financial Crimes Commission (EFCC).
The four accused persons who were arraigned 10 May on a 26-count amended charge of stealing were alleged to have stolen over N10.9 billion belonging to the bank from September 2006 to November 2007.
The commission alleged that the stolen money was converted to the use of Springboard Trust and Investment Limited, Omden Oil and Gas Limited, Ferbond Real Estate Limited, Busch Modern Machine Tools Limited and Tyco Food Processors Limited, belonging to them.
Justice Okunnu deferred hearing of the bail applications after listening to submissions made by the prosecution and defence counsel.
During today’s proceedings, Nwosu’s counsel, Chief Anthony Idigbe (SAN) told the court that the defence had filed four applications which had been served on the prosecution.
Idigbe said the pending applications before the court included notice of preliminary objection, motion for bail, motion to quash the charges brought against the accused persons as well as another, challenging the court’s jurisdiction.
He urged the court to hear the bail application of his client before determining the other issues on ground because it was critical to the right to fair hearing.
EFCC counsel, Mr Rotimi Jacob, however, objected to the application, arguing that some of the processes before the court had not been regularised by all the parties.
Jacob told the court that the counsel to the accused persons failed to file the processes on time which made it difficult for the prosecution to prepare its written address in response to the applications.
Justice Okunnu in a short ruling opted to hear all the applications at the same time and urged the parties to make all their applications ready before the court before the next adjourned date.
By Henry Ojelu