The Economic and Financial Crimes Commission (EFCC) convicted two officials of Bank PHB (now Keystone Bank), Anayo Nwosu and Olajide Oshodi and an Indian businessman Ashok Israni, to five years imprisonment each for N855m fraud.

Also jailed before Justice Kudirat Jose of the Lagos State High Court, Igbosere, are NULEC Industries Limited belonging to Israni and Keystone Bank Limited.

The convicts with one Sunny Obazee were rearraigned on October 4, 2019 on an amended 15-count charge bordering on conspiracy and obtaining N855m by false pretence.

The defendants, however, pleaded not guilty to the charge preferred against them by the EFCC, which led to their full trial.

During trial, the prosecution counsel, Rotimi Jacobs (SAN), presented witnesses and tendered several documents that were admitted in evidence in court.

Delivering judgment, Justice Jose, however, discharged and acquitted Obazee, the fourth defendant.