N10.9b theft: EFCC asks court to dismiss Nwosu's no-case submission

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(Nigeria) The Economic and Financial Crimes Commission, EFCC, on Monday urged a Lagos State High Court sitting in Ikeja to dismiss the no-case submission filed by a former Managing Director of Finbank (now FCMB), Okey Nwosu, and three others.
Counsel to the EFCC, 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.
EFCC, which argued that a prima facie case had been established against the accused, said they had a case to answer. It added  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.
EFCC said that 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 had on September 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.

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