An Economic and Financial Crimes Commission, EFCC witness, Mr. Joe Abba, yesterday told Justice Lateefa Okunnu of an Ikeja High Court that the over 20 billion units of shares were initially bought for some clients of the bank before he was instructed to transfer same to some directors of the bank.
The witness, who is the Managing Director of Springboard Trust and Investment Limited, Mr. Joe Abba told the court that FinBank Plc paid for the shares transferred to some of the bank directors in 2007. Abba, while testifying at the on-going trial of the former Managing Director of FinBank Plc, Mr. Okey Nwosu and three others.
Nwosu and the three other directors of the bank, Dayo Famoroti, Danjuma Ocholi and Agnes Ebubedike were accused of stealing N10.9 billion from the bank between September 2006 and November 2007.
According to the witness who was led in evidence by counsel to Economic and Financial Crimes Commission (EFCC), Mr. Rotimi Jacobs (SAN), his company’s relationship with FinBank started in 2003 with the opening of a current account with the bank.
“By 2006 the relationship had grown and the bank instructed us through letters to buy some of the bank shares for about seven of their clients.