Alleged N125b Fraud: EFCC re-arraigns Francis Atuche, Philip Ojo

THE former Bank PHB Plc, now Keystone Bank Plc, Managing Director, Mr. Francis Atuche and former Managing Director of the defunct Spring Bank Plc, Mr. Charles Ojo, were on Tuesday re-arraigned before a Lagos Federal High Court, on 45 counts charge of alleged N125 billion fraud.

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

Consequently, Atuche and Ojo were re-arraigned before Justice Ayokunle O. Faji, who is the fifth judge to handle the matter.

After the re-arraignment of the two Bank Chiefs on Tuesday, the EFCC, prosecutor Mr Kemi Pinheiro, SAN, informed the court that he had tendered 65 documents as evidence in the case before the former trial judge, and he still has 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 loss and also lose track of some of witnesses it intends 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. Kanu Okorie, and Ojo’s counsel, Mr. Osahon Idemudia, passionately pleaded with the court to let their client continue with the bail conditions earlier granted by the first trial judge of the matter, Justice Akinjide Ajakaiye.

Justice Ajakaiye had admitted them 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 sworn to an affidavit of still being their surety in the next 14 days.

The matter has been adjourned till February 23, and March 16 and 17.

The two former bank’s managing directors are being 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. But they had pleaded not guilty to all the 45, and they are currently on 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,