The Economic and Financial Crimes Commission, EFCC, on Thursday, February 28, 2013, told a Lagos State High Court sitting in Ikeja, that the former managing director of the defunct FinBank Plc, Okey Nwosu and three of his former directors standing trial for an alleged N20 billion scam used the bank's depositors' funds to purchase shares without the consent of the board of directors of the bank. The other directors are Dayo Famoroti, Danjuma Ocholi and Agnes Ebubedike,
EFCC's witness, Mr. Usman Zakari told the court that the shares were purchased using seven different company names which, according to him, were neither incorporated by the bank nor authorized to carry out the transactions.
A Federal Capital Territory High Court, presided by Justice Abubakar Sadiq Umar Thursday, February 28, 2013 granted bail to Mustapha Audu, son of former governor of Kogi state, Prince Abubakar Audu who is standing trial alongside his wife, Zahra Audu and their company, Constructor Guild Limited over an N18 million land scam.
The Economic and Financial Crimes Commission, EFCC, Wednesday February 27, 2013 presented two more witnesses in the on-going trial of the former Chairman of the House of Representatives Committee on Capital Markets and Other Institutions, Herman Hembe and his deputy, Chris Ifeanyi Azubogu before Justice Peter Kekemeke of the FCT High Court, Apo, Abuja.