N125b Fraud: EFCC Re-Arraigns Atuche, Ojo

The Economic and Financial Crimes Commission (EFCC) on Tuesday re-arraigned the former Managing Director of BankPHB Bank Plc, now Keystone Bank Plc, Mr. Francis Atuche and former Managing Director of the defunct Spring Bank Plc, Mr. Charles Ojo, before a Federal High Court in Lagos southwest Nigeria on 45 counts charge of alleged N125 billion fraud.

The re-arraignment of the two former bank chiefs was sequel to the transfer of the former trial judge, Justice Saliu Saidu who has been transferred from Lagos division to the Port-Harcourt, Rivers State, division of the court.

Consequently, Atuche and Ojo are being re-arraigned before a new Judge Ayokunle O. Faji, who is the fifth judge to handle the matter.

After the re-arraignment of the two bank chiefs today the EFCC, prosecutor Mr. Kemi Pinheiro told the court that he had tendered 65 documents as evidence in the case before the former trial judge, and he still have additional 110 documents to tender.

He also urged the court for quick trial of the matter which he said has been in court since 2007, adding that the prosecution is at risk of memory lost of some of witness it intend to call in the matter.

However, attempt by Pinheiro (SAN) in urging the court to give the two defendants a new bail conditions, was opposed by their lawyers.

Atuche’s lawyer, Chief Anthony Idigbe (SAN) who was represented by Mr. Kalu Okorie, and lawyer Ojo, Mr. Osahon Idemudia, passionately pleaded with the court to let their client continue with the bail conditions earlier granted by the first trial judge, Justice Akinjide Ayakaiye.

Justice Ajakaiye had admitted them to bail in the sun of N20 million with one surety in the same sum, who must be property owner in Victoria Island, Ikoyi, and GRA Ikeja.

Justice Ayokunle O. Faji, in his ruling, ordered that the two defendants to continue with the earlier bail term granted them by Justice Ajakaiye, but ordered that the surety must swear to an affidavit of still being their surety in the next 14 days.

Thereafter the matter was adjourned till February 23, and March 16 and 17.

The two former bank’s managing directors were arraigned by the EFCC, on an amended 45-count charge bordering on alleged N125 billion frauds, conspiracy, reckless granting and approval of loans and money laundering between September 1, 2006 and 2009.They pleaded not guilty to all the 45 counts and they were granted bail.

The alleged offences, according to the anti-graft agency, contravene Section 14(1) of the Money Laundering (Prohibition) Act and Section 516 of the Criminal Code Act Cap 38, Laws of the Federation of Nigeria 2004. The offence of reckless granting of loans contravenes Section 7(1)(b) of the Advance Fee Fraud and other Fraud Related Offences Act and punishable under section 7(2)(b) of the Advanced Fee Fraud Act, 2004, and sections 15(1) of the Failed Banks (Recovery of debts) and Financial Malpractices in Banks Act, 2004,

At the last proceedings of the case, Mr. Osahon Idemudia, counsel to the second accused, Charles Ojo, had asked the court for an adjournment to enable him have pre-trial conference with his client.

The anti-graft agency had re-arraigned both Atuche and Ojo before the court on charges of acquiring Keystone Bank’s shares using depositors’ funds.

The duo were also alleged to have applied N3.5billion, being proceeds of unlawful loans granted to Tradjek Nigeria Limited, a subsidiary of Futureview Financial Services Limited, in payment for his acquisition of shares of Bank PHB using various companies as fronts with an intention to conceal the ownership of the loans and that he collaborated with different companies to conceal the genuine origins of the N3.5 billion used to acquire the bank’s shares.

Log in to primsol.lawpavilion.com and enjoy the best E-journals, textbooks, and many more

To subscribe to Primsol, go to store.lawpavilion.com.

For further enquiries/assistance, send an email to customercare@lawpavilion.com or call 08050298729

Call Bridget Edokwe Esq on 08060798767 or send your email to barristerngblog@gmail.com

The cost of the book is Seven Thousand Naira (N7,000) only. Call 08037667945 OR 08028636615 ;  or Email:princetonedu2012@yahoo.com; bookpublishing2017@gmail.com; princetonpub.com  to get your copy.

Author: Prof Theodore Okonkwo, Ph.D
: CALL: 08065159968; 08068771923: PRICES: N100,000 (SPECIAL EDITION), N60,000.00 (UNIVERSAL EDITION)

Digital Evidence and eDiscovery Law Practice in Nigeria -By Emeka Arinze Esq. [ORDER NOW] – For book cost & placing order, visit www.decfi.com.ng/order

Steps To Subscribe To the Court of Appeal Reports Nigeria

Get ‘Personal Property Law in Nigeria’ By Chief Mike A.A. Ozekhome, SAN (FREE)

Click below to download FREE



BESTSELLER: Commercial and Economic Law in Nigeria By Chief Mike Ozekhome, SAN [ORDER NOW]

To ORDER click the link


Leave a Reply

Your email address will not be published. Required fields are marked *