The Lagos State High Court on Tuesday sentenced two top Keystone Bank officials, Anayo Nwosu and Olajide Oshodi, to five years imprisonment for N855milllion fraud.
Justice Kudirat Jose also found an Indian businessman Ashok Israni guilty of the offence.
The convicts were re-arraigned on October 4, 2016, along with Sunny Obazee on an amended 15-count charge bordering on conspiracy and obtaining by pretence.
Israni’s company, NULEC Industries Limited, was also convicted.
The Economic and Financial Crimes Commission (EFCC) said they committed the offence between 14 July and 31, 2008, in Lagos.
It said they fraudulently converted N285million, being the property of Dozzy Oil and Gas Ltd, to their use.
The judge found that they credited NULEC’s account with the money to defray its debt to Keystone Bank (former Bank PHB).
The money was meant to be paid into NULEC’s Private Placement Account for the purchase of shares.
Another count reads: “That you, Anayo Nwosu, Ashok Israni, Olajide Oshodi, Sunny Obazee, Bank PHB, Keystone Bank Ltd and NULEC Industries Limited, sometime in 2008 within the jurisdiction of this Honourable Court, with intent to defraud, obtained the sum of N855, 000, 000.00 from Dozzy Oil and Gas Ltd, on the false pretence that NULEC Industries Limited was in active profit-making manufacturing and trading activities, thereby purporting same to be payment for the purchase of shares of the said NULEC Industries Limited under a private placement.”
Prosecuting counsel Rotimi Jacobs (SAN) tendered several documents during the trial.
Justice Jose sentenced Nwosu, Israni and Oshodi to five years imprisonment each on counts one, three, four, seven, nine 10 and 13 bordering on stealing.
She discharged and acquitted Obazee and ordered the companies to pay N20million fine to the Federal Government.
The judge ordered the convicts to restitute the N395 million to the victim.
