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Tuesday 23 June 2015

Freedom at last for former Bank PHB boss, two others as Court strikes out N27.5b fraud charges

At last, former Managing Director of the defunct Bank PHB, Francis Atuche on Monday breath air of freedom as a Lagos High Court sitting in Ikeja struck out a N25.7 billion charge brought against him by the Economic and Financial Crimes Commission.

Justice Lateef Lawal-Akapo of a Lagos High Court sitting in Ikeja held that the prosecution, the EFCC, did not produce any argument as to how 17 of the 27 count charge are connected to shares and stocks.

The judge noted that the other 10 counts were charges relating to stealing and, as such, fall under the jurisdiction of state high courts.

Atuche and his wife, Elizabeth, alongside a former Chief Financial Officer of the bank, Ugo Anyanwu were in court for allegedly stealing N25.7billion belonging to the bank, when Atuche was the Chief Executive Officer.

The charges came shortly after the Central Bank of Nigeria intervened in the banking sector in 2009 sacking some bank chiefs and bailed out some financial institutions.


“Count one to ten is within the ambit of the Criminal Laws of Lagos State because it deals with stealing,” said Justice Lawal-Akapo.

“Counsel to the Commission did not make any submission as to whether count 11 to 27 have any nexus with shares and stocks. The criminal charge is hereby struck out and the accused persons are hereby discharged.”

The EFCC had accused Mr. Atuche; Elizabeth, his wife; and Ugo Anyanwu, the Chief Financial Officer of the now defunct Bank PHB of stealing N25.7 billion from the bank.

The bank is now known as Keystone bank.

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