Court of Appeal Upholds Sentencing of Keystone Bank Officials to Five Years Imprisonment for N855 Million Fraud

Gavel on desk. Isolated with good copy space. Dramatic lighting.

The Lagos Division of the Court of Appeal has affirmed the judgment of a Lagos State High Court, which convicted and sentenced two officials of Keystone Bank, Anayo Nwosu and Olajide Oshodi, to five years imprisonment for their involvement in an N855 million fraud.

Delivering the unanimous judgment, Justice Folasade Ojo dismissed the separate appeals filed by Nwosu and Oshodi against their conviction, ruling that the appeals lacked merit. Justices Olukayode Bada and Paul Bassi, who were also part of the panel, concurred with the lead judgment.

The Court of Appeal upheld the Economic and Financial Crimes Commission’s (EFCC) case, resolving the three issues raised in favor of the prosecution.

The conviction stemmed from an amended 15-count charge of conspiracy and obtaining money by false pretense brought against Nwosu and Oshodi by the EFCC. In her ruling on December 9, 2019, Justice Kudirat Jose of the lower court sentenced the defendants to five years imprisonment on several counts of stealing, including counts 1, 3, 4, 7, 9, 10, and 13.

Additionally, the lower court convicted an Indian businessman, Ashok Israni, along with his company NULEC Industries Limited and Keystone Bank Limited.

The affirmation of the sentencing by the Court of Appeal underscores the judiciary’s commitment to upholding the rule of law and combating financial crimes.


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