The Court of Appeal in Lagos has deferred judgement in an appeal brought by an Indian businessman, Ashok Israni, and two Keystone Bank staff, Anayo Nwosu and Olajide Oshodi, against their conviction in connection with a N855 million scam.
After hearing arguments from all lawyers in the case, the three-member panel chaired by Justice Olukayode Bada reserved judgement.
In May 2023, a special panel of the appellate court established to aid in the decongestion of cases in the court listened to the lawyers and reserved judgement on the appeal, but the process was hampered by the death of one of the members, Justice Joseph Shagbaor Ikyegh.
Based on this development, the appeal was re-heard on Monday by the regular panel of the court led by Justice Bada.
The other members are Justice Paul Bassi and Justice Folashade Ojo.
Before the matter went on appeal, Justice Kudirat Jose of the Lagos State High Court had on December 9, 2019, convicted Israni, and the two bank officials on an amended 15-count charge bordering on conspiracy and obtaining by false pretence to the tune of N855 million.
The Judge then sentenced them to five years imprisonment each for stealing.
The court also convicted NULEC Industries Limited belonging to Israni and Keystone Bank Limited.
The company and the bank were also ordered to pay a fine of N20 million to the Federal Government and to restitute the sum of N395 million to the victim of the fraud.
But just four months into their conviction, and despite the pendency of their appeals, they were released from prison by officials of the Kirikiri Centre of the Nigerian Correctional Services (NCoS) on the directive of the Lagos State Government.
At the Appeal hearing on Monday, Counsel to the Appellant, Senior Advocates of Nigeria, Wole Olanipekun and Abiodun Owonikoko again restated their argument for the court to set aside the judgment of the lower court, especially given the pardon granted them by the Lagos State Government.
Olanipekun told the court that despite the pardon, the weight of the conviction still hung over his client, Anayo, who had been denied visas at least twice.
He urged the court to allow the appeal.
But the counsel to the Economic and Financial Crimes Commission (EFCC), Senior Advocate of Nigeria, Rotimi Jacobs, in his argument contended that there are several legal authorities to the effect that pardon cannot be granted to convicts whose rights of appeal have not been exhausted.
Jacobs also argued that since the appellants have taken benefits from the pardon by not serving the sentence, they cannot continue to pursue the appeal as that would amount to taking benefits from both ends thereby leaving the victim, who has not been restituted, empty-handed.
He urged the court to declare the purported pardon illegal, dismiss the appeal and uphold the lower court’s judgement.
After listening to arguments from the parties, Justice Bada reserved the appeal for Judgment.