A Lagos High Court in Ikeja on Friday granted the application by a former Managing Director of Finbank Plc, Okey Nwosu, seeking for the release of his international passport for renewal.
Justice Lateefat Okunnu ordered the release of the passport while ruling on the application filed by Nwosu's counsel, Mr O. Kalu.
The Judge, however, directed that both the new and old international passports be returned to the custody of the court's Registrar after the renewal.
Nwosu and three former directors of Finbank Plc, Dayo Famoroti, Danjuma Ocholi and Agnes Ebubedike, were charged for allegedly stealing N10.9 billion belonging to the bank.
Following the ruling, the Economic and Financial Crimes Commission (EFCC) called one of its investigative officers, Mr Emmanuel Damudu, to testify against the defendants.
Damudu told the court how N18 billion was debited from Finbank's sundry account and used to purchase bank shares for seven fictitous companies.
The witness, who was led in evidence by EFCC counsel, Mr Rotimi Jacobs (SAN), said the transactions were carried out on the instructions of the defendants.
He said the companies were Ferbond Real Estate Ltd., Busch Modern Machine Tools Ltd., Tyco Food Processing Ltd., Omdidem Ltd., Eureka Ventures Ltd., Coastal Lake Ltd. and Cannon Investment Ltd.
He said some of the shares purportedly bought for the companies were later allocated to the defendants and other directors, who paid for them.
The case was then adjourned till Feb. 26 for continuation. (NAN)