N855m fraud:C’Appeal to hear bank chiefs, Indian bizman’s appeal  

Justice Kudirat Jose of the Lagos State High Court in Igbosere had in December 2019 jailed Israni, Nwosu and Oshodi on an amended 15-count charge bordering on conspiracy and obtaining by false pretence to the tune of N855 million.

The date was communicated to parties in the matter by the appellate court on Monday through a hearing notice.

The notice reads’ “CA/L/141/20
BTW:ANAYO NWOSU & FED REP OF NIG. COURT 2. TAKE NOTICE THAT the above-mentioned matter will be listed for hearing of the APPEAL before the court of Appeal sitting at Tafawa Balewa Square, Lagos on THURSDAY 14TH JANUARY 2021 at nine o?clock in the forenoon.

Justice Jose had also convicted NULEC Industries Limited belonging to Israni and Keystone Bank Limited in her judgment.

The Economic and Financial Crimes Commission (EFCC) had arraigned the convicts alongside one Sunny Obazee.

The defendants, however, pleaded not guilty to the charge preferred against by them by the EFCC, thereby leading to their full trial.

During the course of the trial, the prosecution counsel, Rotimi Jacobs, (SAN) presented witnesses and tendered several documents that were admitted in evidence by the court.

In her judgment, Justice Jose discharged and acquitted the fourth defendant, Obazee.

The Judge, however, convicted and sentenced the first, second and third defendants to five years imprisonment each on counts 1, 3, 4, 7, 9, 10 and 13 of stealing.

The companies were also ordered to pay a fine of N20 million to the Federal Government on counts 1, 10 and 13.

The Jugde also ordered the convicts to restitute the sum of N395 million to the victim of the fraud.

She held, “Based on the analysis above it is my view that the three ingredients of stealing have been proved against the first, second, third, fifth and sixth defendants.

They are therefore found guilty as charged. The charge not having been proved against the 4th defendant he is discharged and acquitted of count 1.”

The judge found that the money paid by Chukwudozie for the shares was spent and no allotment of shares was made.