Moghalu announced his resignation in a letter dated June 13, 2022, and addressed to Okey Nwosu, ADC national chairman.
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The Economic and Financial Crimes Commission had arraigned Nwosu alongside Dayo Famuroti, Agnes Ebubedike and Danjuma Ocholi on a 26-count amended charge bordering on stealing and illegal conversion to the tune of N10,934,704,402.
The stakeholders made this known at the “Stakeholder Consultations on the Extraordinary Review of the Multi-Year Tariff Order” held in Enugu on Thursday
Okunnu issued the bench warrants following their failure to produce documents in the ongoing trial of Okey Nwosu, a former Managing Director of the defunct FinBank Plc
Adefowope, who boasts of 25 years’ experience as a stockbroker, said this while being cross-examined by Rotimi Jacobs (SAN), the lead prosecutor for the Economic and Financial Crimes Commission
Nwosu and three former directors of the bank: Dayo Famoroti, Danjuma Ocholi and Agnes Ebubedike, are facing a 26-count charge bordering on stealing of N10.9 billion preferred against them by the Economic and Financial Crimes Commission
The Court of Appeal, Lagos Division, had on November 21, 2013 struck out the theft charge preferred against the former banker
Okunnu’s decision to adjourn the matter indefinitely was premised on three separate judgments delivered by the Court of Appeal, Lagos Division, on November 21
He said it had been established that Nwosu granted loans without the approval of the bank’s board of directors
According to the Economic and Financial Crimes Commission, the former bank chiefs are facing a 26-count charge of stealing to which the accused pleaded not guilty
EFCC’s witness, 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
Sabo Yaro, an operative of the EFCC, who is a prosecution witness in the ongoing trial, told the court that the Federal Government in 2009 set up a task force comprising the EFCC, the Central Bank of Nigeria, the State Security Service, the Nigeria Deposit Insurance Corporation and the police to look into the management of some banks and discovered that the accused persons used their positions to debit an account of FinBank to the tune of N18 billion and credited same to Springboard Limited to purchase shares for bank customers