Finbank Officials Face Criminal Charges


The trial of the Managing Director of Finbank Plc, Mrs. Susan Iroche and her bank and two others have been adjourned till 29 November 2011 as a Lagos high court awaits the advice of Lagos State Attorney General and Commissioner of Justice, Mr. Ade Ipaye.

The prosecuting counsel, Mr. Tani Malayo, SAN, told the court that he is ready to wait for Mr. Ipaye’s advice before proceeding with the case.

Mrs. Susan Iroche, Finbank Plc, former Managing Director, Okey Nwosu and ex-Managing Director of International Merchant Bank, IMB, Sebastine Adigwe were supposed to appear before the court for an alleged stealing and forgery charge.

In a four-count criminal charge filed before the court by Mr. Tani Malayo, SAN, it was alleged that Finbank, formerly First Inland Bank Plc, Sebastian Adigwe, Okey Nwosu and Susan Iroche on different dates between 6 December, 2002 and 31 December, 2009 at 1, Akin Adesola Street, Victoria Island, Lagos, fraudulently converted to their own use, sums of money belonging to Zumax Nigeria Limited, a company received under a receivership in excess of the sum of N465,635,070.16 alleged to be owed by Zumax and Company to Finbank by fraudulently suppressing and misrepresentation of facts in respect of the company’s account.

Mr. Malayo further alleged in the said charge that Sebastian Adigwe, Okey Nwosu and Susan Iroche, at the same time and place with intent to deceive or to defraud Zumax, concurred in making and publishing written statements of account in respect of the current accounts of the company which to their knowledge were false in material, particular in that they concealed and failed to disclose payments received into the said account the sum recovered under receivership in excess of N465,635,070.16 alleged by the accused persons to be owed by Zumax to Finbank.

In the fourth count of the criminal charge, Finbank, Sebastian Adigwe and Okey Nwosu on or about 10 March 2006 and 7 February, 2007 were alleged to have procured two legal practitioners, Nnezi Kalu and Otobong Asuquo in the Lagos judicial division, as deponents/witnesses in suit number FHC/LCS/46/06 in which Zumax Nigeria Limited was plaintiff and IMB International Bank Plc and First Inland Bank Plc were defendants and in suit LD/115/06 in which IMB International Bank Plc was plaintiff and Zumax was defendant to give false testimony.

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The alleged testimony borders on a false affidavit dated 10 March, 2006 and 7 February, 2007 respectively that a receivership initiated by Finbank that only a total sum of N215 million was received for the account of Zumax company.

All the accused persons sought a review of the case in a petition sent to Mr. Ipaye.

Professor Yemi Osibajo admitted the existence of a petition written by the accused persons. He also complained about the non-service of the contract process on his client. He also told the court that his client has filed an application before the court to challenge the competency of the charges against them.

Counsel to Sebastine Adigwe and Okey Nwosu, Barrister Onyebuchi Aniakor made similar complains to the court. They urged the court to quash the charge as it discloses no prima facie case against all the accused persons.

Justice Ayodeji Balogun has adjourned till November 29, when all pending applications will be heard.

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