By Akinwale Akintunde
The Managing Director of Springboard Trust and Investment Limited, Mr. Joe Abba yesterday told an Ikeja High Court that the former directors of FinBank did not do anything illegal in some of the transactions for which they are being tried.
He had at the last hearing under his examination in chief admitted that shares of FinBank were credited to the Directors of the Bank but insisted that as at the time of the transaction, there was nothing wrong with the action as it did not violate any law.
At yesterday proceeding before Justice Lateefa Okunnu, the prosecution witness, whose company, a stock-brokingfirm handled some transactions for FinBank, admitted under cross-examination that the ex-bank directors had not done anything illegal.
Former Managing Director, Okey Nwosu is standing trial with three other directors of the bank, Dayo Famoroti, Danjuma Ocholi and Agnes Ebubedike for allegedly stealing N10.9 billion from the bank between September 2006 and November 2007.
But the witness, while being cross-examined by Lanre Ogunlesi (SAN), counsel to Ocholi admitted that as at 2007 there were no regulations by the Central Bank of Nigeria or any other statutory body on how share buy-back by companies would be conducted.
He said none of the former directors came personally to buy shares from his company.
Earlier, he had also admitted during cross-examination by Seyi Sowemimo (SAN), counsel to Famoroti that all instructions from FinBank emanated officially from the Investment Division of the Bank.
The matter has been adjourned till October 31 for continuation of trial.