The former Managing Director of the defunct Bank PHB Plc, Mr.
Francis Atuche was re-arraigned on a 45 count charge of fraud yesterday
before a Federal High Court.
The fresh arraignment was
sequel to the transfer of the trial judge, Justice Fatimat Nyanko
formally handling the matter at the Federal High Court. Atuche and an
ex-director of the bank, Charles Ojo, have been before the court since
2009
.
Also Justice Akinjide Ajakaiye who was previously handling
the case was equally transferred out of the Lagos division few months
after he started the case. He had since retired from service.
They
are accused of recklessly granting loans, without adequate securities
to companies in which they had interest. The duo was also alleged to
have falsified the bank’s records.
Atuche was also accused of
exceeding his loan approval limit. All transactions are said to involve
over N125billion. Atuche and Ojo are also accused of money laundering.
They pleaded not guilty to the charge yesterday.
Upon their
arraignment, lead prosecution lawyer, Kemi Pinhero, SAN, asked that a
date be fixed for trial. Defence lawyers, Abubakar Shamsudeen and
Olumide Adefila did not object to the fixing of a date for trial.
They
prayed the court to allow their clients remain on the bail granted them
in 2009 by Justice Ajakaiye, which Justice Nyako adopted.
Ruling,
Justice Ofili-Ajumogobia ordered them to file fresh bail applications
within seven days. She fixed January 16 next year for the hearing of the
bail applications and possible commencement of trial.
The judge allowed them to remain on the earlier bail pending the determination of their new applications.
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