The three-member panel, headed by Justice Olukayode Bada, concluded proceedings after hearing arguments from all parties involved.

Originally, a special panel had reserved judgment in May 2023, but this was impeded due to the death of one of the members, Justice Joseph Shagbaor Ikyegh.

Consequently, the appeal was reheard by the regular panel of the court on Monday, led by Justice Bada, alongside Justices Paul Bassi and Folashade Ojo.

Prior to the appeal, in December 2019, Justice Kudirat Jose of the Lagos State High Court found Israni and the bank officials guilty on a 15-count charge related to conspiracy and obtaining by false pretense, amounting to N855 million.

They were each sentenced to five years in prison for theft. The court also convicted Israni’s company, NULEC Industries Limited, and Keystone Bank Limited, imposing a fine of N20 million on each and instructing them to repay N395 million to the fraud victim.

Despite their conviction and pending appeals, just four months into their conviction the trio was released from prison by officials of the Kirikiri Centre of the Nigerian Correctional Services on the Lagos State Government’s directive.

During Monday’s appeal hearing, the appellants’ counsel, Senior Advocates of Nigeria Wole Olanipekun and Abiodun Owonikoko, reiterated their plea for the court to overturn the lower court’s judgment, highlighting the pardon granted by the Lagos State Government.

 However, the EFCC’s counsel, Senior Advocate of Nigeria Rotimi Jacobs, argued that pardon cannot be granted to convicts whose appeal rights are unexhausted. Jacobs also contended that since the appellants benefited from the pardon by not serving their sentence, pursuing the appeal would be unjust.

Justice Bada reserved the appeal for judgment following the arguments.