The Judgement of the State High Court which sentenced two officials of Keystone Bank, to five years imprisonment over #855 million fraud has been upheld by the Court of Appeal sitting in Lagos State.
According to OUR HERITAGE REPORTER, Justice Folashade Ojo, who delivered the unanimous Judgement on behalf of the panel held that the separate appeals filed by Nwosu and Oshodi against their conviction by Justice Kudirat Jose of the State High Court, was lacking merit.
In the Judgement, the three issues formulated for determination were resolved by the Appellate Court in Favour of the Economic and Financial Crimes Commission ( EFCC).
It will be recalled that on December 9 2019, Justice Jose Kudirat convicted and sentenced Nwosu and Oshodi of the Keystone Bank on an ammended 15 count changes of conspiracy and obtaining money by false pretence brought against them by the Economic and Financial Crimes Commission.
The Judge sentenced them to 5 years imprisonment each on Counts1, 3,4,. 7, 9,10 and 13 of stealing.
However, the duo of Nwosu and Oshodi who were disatisfied with the lower Court’s verdict approached the Court of Appeal arguing that their right to a fair hearing was breached because a further ammended change was introduced after the close of envidences.
They also argued that the State High Court went outside it’s jurisdiction by exceeding the maximum punishment prescribed by Section 390 of the Lagos State Criminal Code Law, cap27, vol. 2 , Law of Lagos state under which were charged.
In his response, the EFCC through its Lawyer, Rotimi Jacobs argued that the appellants did not challenge the further ammended during the trial and that the criminal code law of Lagos state permits the court to sentence and convict upto 5 years imprisonment, if the thing stolen is worth #1000.
In her Judgement, Justice Folashade Ojo of the Appeal Court held that the trial Court complied with the procedure laid down by law to be followed when a charge is ammended and that there is no merit in the appellants argument that the amendment to the charges breached their right to a fair hearing.
The Appeal Court Justice also held that the amount involved in the charges is more than one thousand naira and that it contained criminal allegations of ” stealing by conversion, publishing of false statement etc which are offence clearly defined under the criminal code of Lagos state law”
Speaking further, she said ” I have carefully examined the appeal record and I agree with the lower Court that the ingredients of Count 1 and 3 of the amendment information were established by the first Respondent ( EFCC).
” It is not in doubt that the Appellants introduced the private placement of the shares to the Fourth Respondent ( KEYSTONE BANK) to the 11th prosecution witness ( complainant) which made him part with a considerable sum of Money.
“ As rightly submitted by the first respondent , the fourth Respondent was to retain the proceeds realized through the private placement into an interest yeilding account before the allotment of the shares and the share certificate must be sent to the successful applicant within 15 working days from the date of allotment. While the unsuccessful applicants were to get their money refunded to them within 10 working days of the date of allotment.
” The appellants recieved the cheque of #395,000,000 from the complainants in his office, where the instruction for issuing back drafts in the sum of #285 million and #110 million was initiated by him.
” The draft of #285 million was paid into the Current Account of the fourth Respondent on 14 th July 2008 . While on 15th July 2008, the fourth Respondent paid the sum of #19,950,000 to Drillian Investment W/A Ltd and the appellants benefits from this Commission.
It is against this background that the ingredients of count 1 and 3 were established before the lower Court and I so uphold.
” I firmly believe that the Appellants squarely come within the definition of a promoter as contemplated under section 436( b) of the Criminal Code Law, and I so hold.
” The appellants induced PW11 complainant) into this transaction over which their commended them. I here resolved this issue against the appellants as the lower Court was correct to have convicted and sentenced the Appellants on Count 10 and 13 of the Ammended information.
” Having resolved all the three issues in this appeal against the Appellants, the inevitable conclusion is that the appeal lacks merit and deserve to be dismissed.
Immediate, the appeal was dismissed for lack of merit.
The Judgement of the High Court of Lagos State Ikeja Judiciary Division in SUIT NO. ID/ 112C/2012 is at this moment affirmed ” Justice Ojo held
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