Court Grants Ex-Finbank MD Nod To Travel

The Federal High Court in Lagos on Monday granted leave to a former Managing Director of Finbank, Okey Nwosu, to travel abroad for medical check-up.

Also granted permission to seek medical help overseas was a non-executive director, Dayo Famoroti.

Both men had filed applications, urging the court to verify their bail conditions to allow them to travel abroad.

As part of their bail conditions granted on Sept. 15, 2009, the court had ordered them not to travel out of the country pending the determination of the case preferred against them.

The EFCC had slammed a 42-count charge on Nwosu, Famoroti and two other directors of the bank, Danjuma Ocholi and Agnes Ebubedike over alleged misuse of depositors’ funds.

The commission accused them of committing economic crimes, including manipulating the bank’s shares and money laundering to the tune of about N100 billion.

Nwosu and Famoroti had on Aug. 3 argued that the judge had the inherent powers to verify the bail conditions and to allow them travel abroad for medical check-up and other businesses.

The prosecution counsel, Mr Rotimi Jacobs, however, urged the court not to review their bail conditions on the grounds that there were no cogent reasons given by the applicants.

In his ruling on Monday, Justice Dan Abutu, granted the prayers of the applicants on the grounds that he had the powers to vary the bail conditions.

“The accused persons are hereby permitted to travel abroad for medical check-up, but must return to the country two days before the next date of adjournment,’’ he said.

The case has been adjourned to Nov. 29 for the hearing of the applications filed by the accused for a further stay of proceedings pending the hearing of their appeal.