The Nation Newspaper

Tag: Atuche

  • Utomi denies taking Bank PHB loan for election campaign

    Utomi denies taking Bank PHB loan for election campaign

    Renowned political economist, Prof. Pat Utomi , on Tuesday told a Lagos High Court, Ikeja, that he did not obtain any loan from the defunct Bank PHB to fund his 2007 presidential campaign.

    Utomi told the court presided by Justice Lateefat Okunnu that he spent only N30 million on the campaign.

    Utomi made this clarification while being cross-examined by the counsel to the Economic and Financial Crime Commission (EFCC), Mr. Kemi Pinheiro in a matter brought against the bank’s former managing director, Mr. Francis Atuche.

    He insisted that his presidential campaign did not gulp N2 billion as being suggested by the prosecution counsel.

    Pinheiro had suggested that Utomi’s campaign was funded by the bank while cross examining him as the defence witness in the matter.

    The EFCC had sued Atuche, his wife, Elizabeth and the bank’s former chief operating officer, Ugo Anyanwu over alleged theft of the bank’s N27.5 billion.

    Counsel to the EFCC, Mr. Pinheiro had alleged that the bank advanced a N2 billion credit facility to Baywood Continental Limited, a company whose board was chaired by Utomi.

    Pinheiro claimed that the loan was secured from Bank PHB about the same time Utomi was going around the country soliciting for votes for his presidential ambition.

    But Utomi, a former Chairman of Bank PHB Corporate Governance Committee, denied the allegation, saying that Baywood Continental did not collect any loan from the bank.

     

     

     

     

     

  • Utomi to court: Bank PHB board ratified N25.7b loan

    Utomi to court: Bank PHB board ratified N25.7b loan

    A Lagos High court, Ikeja, heard on Monday that the loan totalling about N25.7 billion for which the former managing director of the defunct Bank PHB, Mr. Francis Atuche, is facing trial was approved by the board and did not offend the code of corporate governance for banks.

    A renowned economist, Prof. Pat Utomi made this declaration at the resumed hearing of the matter before the court presided by Justice Lateefa Okunnu.

    Utomi, who was the vice chairman of Bank PHB’s board of directors, in his evidence in chief led by Atuche’s counsel, Chief Anthony Idigbe (SAN), insisted before the court that the loans granted by Atuche, were ratified by the bank’s board of directors.

    The Economic Financial Crimes Commission had charged Atuche to court for allegedly stealing N25.7 billion belonging to the bank.

    Charged alongside Atuche as defendants are his wife, Elizabeth and former Chief Financial Officer of the bank, Ugo Anyanwu.

    Prof. Utomi read from the minutes of the board meeting where the loans were ratified.

    He said the loans were ratified during the board of directors meeting of Bank PHB held on July 9, 2008.

    He listed the companies that benefitted from the credit facilities to include Extra Oil Limited (N3.9 billion); Tradjeck Limited (N3.5 billion), Future View Securities Limited (N3.5 billion); Petosan Oil and Gas Limited ( N4 billion) and Falcon Securities (N8 billion).

    Utomi said the ratification of the loans did not offend the code of corporate governance for banks in Nigeria.

    He said neither Atuche nor Anyanwu violated the bank’s corporate governance ethics in granting the loans as the bank during its 38th board of directors meeting would not have ratified the loans if they did.

    He said,” In the business of banking which involves risk, it is the duty of the board to take decisions on the optimal risk that the bank can be exposed to.

    “We always ensured that illegality was not pursued but we also recognised that management needed to act and take risk on behalf of the bank.”

    He also told the court that integrity was the high point of the process, adding that the board did not notice fraudulent practices or illegality from any of the committees during the process.

     

     

     

  • N25.7b theft charge: ‘Atuche, others have case to answer’

    Lagos High Court, Ikeja, Lagos, yesterday dismissed the application filed by the former Managing Director of Bank PHB Plc, Francis Atuche, seeking the dismissal of the theft charge against him and others by the Economic and Financial Crimes Commission (EFCC).

    Justice Lateefat Okunnu said the defendants must answer charges preferred against them.

    She fixed July 17 for Atuche to open his defence.

    The judge held that the defendants have a case to answer, saying they should provide explanations on the evidence provided by the prosecution.

    Justice Okunnu also said the explanation to be provided by the defendants would enable the court go through the matter judiciously.

    Atuche, his wife Elizabeth and the former Chief Financial Officer of the bank, Ugo Anyanwu, were arraigned before Justice Okunnu for allegedly stealing N25.7 billion belonging to the bank.

    The defendants, through their lawyers, urged the court to discharge them of the 27-count charge filed by the EFCC on the grounds that they have no case to answer.

    The defendants, in a “no- case” submission filed through their counsel, Anthony Idigbe (SAN) and Sylva Ogwuemor, and brought pursuant to sections 35(3), 36(5) of the Constitution and Section 239 of the Criminal Administration Laws of Lagos State, urged the court to dismiss or acquit them of the charges.

    Atuche and his co-defendants told the court that the evidence by the witnesses were unreliable because of the contradictions of facts on the actual money they allegedly stole and acceptable banking procedures.

    Justice Okunnu adjourned the matter till July 17 for the defence to open its case.

     

    They said all the evidence provided by the prosecution were circumstantial and contradictory, adding that the evidence cannot warrant their being put in the witness box as defendants.

    Citing several related authorities, the defendants argued that the over-generalisation of the facts by the prosecution, which is sacred, and the absence of vital witnesses, like Peter Ololo, was a serious lacuna in the prosecution’s case.

    They urged the court to be wary of introducing a dangerous trend to the nation’s jurisprudence.

    Sylva Ogwuemor, counsel to the third defendant (Ugo Anyanwu), urged the court to discharge the charges against his client.

    Ugwuemor argued that the evidence provided by the prosecution was insufficient to warrant his standing trial.

    According to him, the evidence by the prosecuting witnesses were speculative and did not showed that his client was a beneficiary of the alleged theft.

    He added that the only link to his client was signing a letter and sending an e-mail, which was a legitimate duty associated with his position as the Chief Financial Officer of the bank.

    Ogwuemor said the prosecution failed to show the court impeccable evidence against his client, adding that the statement of his client was inadmissible in law, with regards to the Administration of Criminal Justice Laws.

    The lawyer said the prosecution failed to show the video of his client’s confession or take his statement in front of a legal officer.

    But the counsel to the EFCC, Kemi Pinheiro (SAN), objected to the submissions of the defendants.

    He urged the court to discountenance the submissions of the defence.

    On Mrs Atuche, the prosecution said she could not be exonerated since her company was found to be the recipient of the stolen money.

    Pinheiro also said Anyanwu’s application was premature because it was not the law that when the co-accused of an action does not benefit, he must be allowed to go.

    Justice Okunnu adjourned the matter till July 17 for the defence to open its case.

     

  • Theft: Atuche, others have case to answer – Court

    Theft: Atuche, others have case to answer – Court

    A Lagos High Court, Ikeja, on Monday dismissed the applications filed by the former managing director of Bank PHB, Francis Atuche, seeking the dismissal of the theft charge preferred against him and others by the Economic and Financial Crimes Commission.

    In a ruling, the trial judge, Justice Lateefa Okunnu, who said the defendants must answer charges preferred against them, fixed July 17 for opening of defence.

    Justice Okunnu also stated that the defendants should provide explanations on the evidences provided by the prosecution.

    She said the explanation to be provided by the defendants would enable the court go through the matter judiciously.

    Atuche, his wife Elizabeth and the former Chief Financial Officer of the bank, Ugo Anyanwu were arraigned before Justice Okunnu for allegedly stealing N25.7 billion belonging to the bank.

    The defendants had through their lawyers urged the court to dismiss the 27-count charge on the grounds that they have no case to answer.

     

  • N25.7b ‘theft’: Atuche, others urge court to quash charges

    N25.7b ‘theft’: Atuche, others urge court to quash charges

    The former Managing Director of Bank PHB (now Keystone) Mr. Francis Atuche and two others yesterday urged a Lagos High Court, Ikeja to quash the 27-count charge filed against them by the Economic and Financial Crimes Commission (EFCC).

    The other defendants are Atuche’s wife, Elizabeth and the former Chief Financial Officer of the bank, Ugo Anyanwu.

    The request was contained in a no case submission filed through their counsel, Chief Anthony Idigbe (SAN) and brought pursuant to sections 35(3), 36(5) of the Constitution and Section 239 of the Administration of Criminal Laws of Lagos State.

    Atuche, his wife Elizabeth and Mr. Anyanwu were arraigned before Justice Lateefat Okunnu on allegations of stealing N25.7 billion belonging to the bank.

    The defendants urged the court to strike/dismiss or acquit them of the charges.

    In the motion supported by a five-paragraph affidavit and a written address filed by their counsel, Chief Idigbe, the court was urged to dismiss the charges against the first and second defendants for being “duplicitous.”

    “Counts one to 10 as listed and counts 11 to 27 are similar charges that are duplicated, which means that one cannot commit the two sets of count the same time,” he said.

    Idigbe argued that the evidence provided by the prosecution did not warrant putting the defendants in the witness box because they were circumstantial and contradictory.

    He also told the court that the evidence by the witnesses were unreliable, adding that there were noticeable contradictions of facts as it concerns issues of the actual money allegedly stolen and the acceptable banking procedures.

    Chief Idigbe cited several authorities to buttress his submission on why Atuche and his wife should have the charges brought against them discharged.

    He submitted that the over-generalisation of the facts by the prosecution, which is sacred and the absence of vital witnesses, such as Peter Ololo, was a serious lacuna in the prosecution’s case.

    Idigbe said there was no evidence linking Atuche’s wife, Elizabeth, directly to the charges against them.

    According to him, the only evidence before the court was that she was a director and a shareholder of the companies alleged to have benefited from the loan transaction.

    “The only offence against the second defendant was that she was a housewife to the first defendant, who was the managing director of the bank and a director of the companies,” Chief Idigbe said.

    In a similar vein, counsel to the third defendant (Anyanwu), Mr. Sylva Ogwuemor, urged the court to be bold in doing justice by discharging the charges against his client as there was no evidence sufficient enough to warrant his trial.

    He described the evidence by the prosecuting witnesses as speculative and that they did not show that his client was a beneficiary of the money allegedly stolen from the bank.

    According to him, the only link to his client was signing a letter and sending an e-mail, which he described as a legitimate duty associated with his position as the chief financial officer of the bank.

    Ogwuemor said the prosecution had failed to lay before the court impeachable evidence against his client as the statement of his client was inadmissible in law with regard to the administration of criminal justice laws for failing to video his confession or take his statement in front of a legal officer.

    But counsel to the EFCC, Mr. Kemi Pinheiro (SAN), opposed the defence and urged the court to discountenance their submissions.

    Pinheiro claimed to have provided enough potent, cogent and forensic evidence of the action of the defendants on the charges of which they are accomplices.

    Mr. Pinheiro argued that it was a misconception of the law for the defence to state that the charges were duplicitous since the doctrine of double jeopardy had no place with respect to counts or offences.

    Justice Okunnu adjourned the matter till July 1 for ruling on the no-case submission applications of the defendants.

  • EFCC arraigns Atuche, two others for alleged forgery

    The Economic and Financial Crimes Commission (EFCC) yesterday arraigned the former Managing Director of Bank PHB (now Keystone Bank), Francis Atuche, for alleged forgery before a Lagos High Court in Ikeja

    Arraigned with him were two officials of the bank, Joachim Nnosiri and Uguru Onyike, who are attached to the Central Shared Services Centre of Keystone Bank Ltd.

    They were arraigned before Justice Adeniyi Onigbanjo on a nine-count charge of forgery, conspiracy and the use of forged board resolutions belonging to Futureview Securities Limited, Tradjeck Limited and Extra Oil Limited into Keystone Bank (formerly Bank PHB).

    The commission claimed that the board resolutions were allegedly signed by the Managing Director of the companies, Mrs Elizabeth Ebi and addressed to Keystone Bank.

    It said the purpose of the board resolutions was to request a N10.9 billion credit facility from the bank.

    The EFCC said the alleged offence, which was committed on March 4, contravened sections 361 and 409 of the Criminal Laws of Lagos State 2011.

    When the case was called, EFCC’s counsel Ben Ubi told the court that the commission filed a nine-count charge of forgery.

    He urged the court to allow the charges to be read to the defendants so they can make their pleas.

    Atuche and the two others pleaded not guilty.

    Ubi asked for a trial date and a court order remanding the defendants in custody.

    But Atuche’s counsel Tayo Oyetibo (SAN) told the court of a pending bail application on behalf of his client dated March 25.

    He said it has been served on the agency.

    Ubi objected to the request, saying he has “not seen the bail summons.

    “But I acknowledge that the person, who received the application, is a litigation clerk in the office.”

    This made Oyetibo to request that his client be allowed to go home as it appeared that the prosecution is not ready to argue the bail application.

    He submitted that the matter before Justice Onigbanjo is an off-shoot of the case before another judge, Justice Lateefa Okunnu, adding that his client came to court from his house.

    But Ubi countered the defence and stated that he was not aware that the charge is an offshoot of the matter before another judge.

    “I can confirm to the court that the defendant did not come from home as earlier stated by the SAN.

    “All the defendants were brought to court by the EFCC.”

    Justice Onigbanjo fixed the bail hearing for today and issued a caveat that the former bank chief should go home after the proceedings.

    He noted that Atuche had never been absent from court for his other cases.

    Justice Onigbanjo also fixed today for the bail hearing for the second and third defendant, following the submission of the prosecution that he would need time to respond to the bail applications submitted by their counsel, Clement Onwenwnor and Bamidele Adewunmi.

    The judge also allowed the two defendants to go home, pending hearing of their bail application on the strength of the administrative bail earlier granted them by the EFCC.

    Justice Onigbanjo granted Oyetibo’s prayer for accelerated hearing and fixed October 10 for trial.

    The forgery charge against Atuche is the fourth in the series of charges brought against him by the EFCC since his removal as Bank PHB’s Chief Executive Officer.

    The new arraignment came after the prosecution concluded its case in the charge before Justice Lateefa Okunnu and the defence had indicated its intention to file a ‘no-case submission’ against the charge.

     

  • EFCC slams new charge on Atuche

    EFCC slams new charge on Atuche

    The Economic and Financial Crimes Commission (EFCC) has brought a fresh charge of forgery against the former managing director of the Bank PHB, Mr. Francis Atuche.

    The new charge dated March 13, 2013 was filed by the commission before a Lagos High Court, Ikeja presided over by Justice Adeniyi Onigbanjo.

    Atuche will be facing trial in the new charge alongside two officials of Central Shared Services Centre of Keystone Bank Limited, Joachim Nnosiri and Uguru Onyike.

    They were charged before the court on a nine-count charge of forgery.

    In the information which was signed by the EFCC counsel, Mr. Ben Ubi, the commission alleged that the defendants, on March 4, 2013, in Lagos, attempted to smuggle forged board resolutions of some companies into Keystone Bank, the successor of Bank PHB.

    According to the commission, the board resolutions were allegedly signed by Mrs. Elizabeth Ebi, the Managing Director of three companies allegedly involved in the N27.5billion fraud charge preferred against him in another court presided by Justice Lateefa Okunnu.

    The board resolutions were addressed to Keystone Bank.

    According to the EFCC, the forged board resolutions were said to have emanated from Futureview Securities Limited, Tradjeck Limited and Extra Oil Limited.

    The EFCC said the purpose of the board resolutions was to request a N10.9 billion credit facility from the bank.

    No date has been fixed for arraignment of the defendants.

     

  • Atuche: Court rejects EFCC’s graphic evidence

    Atuche: Court rejects EFCC’s graphic evidence

    Lagos High Court, Ikeja yesterday rejected a graphic presentation by the Economic and Financial Crimes Commission (EFCC) to support the oral evidence of its witness, Hamada Bello, in the trial of former Managing Director of Bank PHB (now Keystone Bank) Francis Atuche.

    Atuche, his wife, Elizabeth and the bank’s former Chief Financial Officer, Ugo Anyanwu, are standing trial for allegedly stealing N27.5 billion belonging to the bank.

    Ruling on the graphic presentation request, Justice Lateefa Okunnu held that the memory stick containing the document sought to be tendered as exhibit by the EFCC, did not comply with Section 84 of the Evidence Act.

    Justice Okunnu said the device could not stand as a primary document as it contained information copied from a computer.

    The device, she said, could not be classified as a primary document as the prosecution had intended to extract information from it.

    Justice Okunnu held that the memory stick must be certified to be admissible within the contemplation of Section 84 of the Act.

    Atuche’s counsel Anthony Idigbe (SAN) urged the court to reject the device because it was not part of the proof of evidence and did not comply with the provision of the Evidence Act.

    But EFCC’s counsel Kemi Pinheiro (SAN) urged the court to dismiss the objection.

    He argued that the device was a document in itself and therefore, a primary document.

    The defence, he argued, had a misconception of Section 84 of the Evidence Act.

    In his evidence, Bello said his team traced some loans granted to some companies during Atuche’s era to some banks.

    He listed the companies that benefited from the loans as Future View Ltd; Extra Oil; Tradject Oil; Resolution Trust Limited and Petrosan Oil and Gas Ltd.

    The witness, who described the over N10 billion loans as ‘hoax loans,’ said they came back to Bank PHB through some companies as the bank’s shares’ offer.

    According to him, the creation, movement, utilisation and return of the loans to the bank were a clear case of money laundering.

    Some of the companies through which the money came back to the bank include Clare Mount Asset Management Limited; Alfo Associates Limited; Gazil Yakubu Investment; Sentron Trading Ventures Resources Limited and Felimon Enterprises.

    The case was adjourned till January 14.

     

  • Atuche didn’t give money to his church, says witness

    Atuche didn’t give money to his church, says witness

    A Lagos High Court, Ikeja, was told yesterday that the former Managing Director of the defunct Bank PHB, Francis Atuche, did not give any loan to his church.

    The witness, Bolaji Ogunsola, who was the Deputy General Manager of Mortgage PHB ,made the clarification at the resumption of the trial of Atuche, his wife, Elizabeth and the bank’s former Chief Financial Officer, Ugo Anyanwu.

    They were arraigned for allegedly stealing N27.5 billion belonging to the bank by the Economic and Financial Crimes Commission (EFCC).

    Ogunsola, who had earlier alleged a threat to his life, told the court that that he did not sayAtuche issued a cheque for money to be paid to his church or his lawyer’s firm.

    “I didn’t say the first defendant gave money to his church.

    “What I said is that an instrument was given by Clearmont. There’s no email by the first defendant and I didn’t confirm from him whether it was on his instruction.”

    Though he stated that Atuche was the sole signatory to the account in contention, his review of all accounts in Mortgage PHB showed that there is no sufficient information to confirm that he is the owner of the account.

    Ogunsola confirmed that those working in the bank had at various times raised instructions on the account and that such instructions were copied to Atuche.

    He said there had never been any response from Atuche on transactions copied to him and that his signature is not on the reference form.

    The witness said Atuche’s signature is not on the reference form and that there was no mandate card or Form C07 for the account.

    While being cross examined by Anyanwu’s counsel Sylva Oguemoh, Ogunsola said he never received any instruction from Anyanwu.

    The witness said Anyanwu had no supervisory power over his activities and holds no account with Mortgage PHB.

    Ogunsola said he relied on the authority on which the account was being operated prior to his joining the organisation.

    Justice Lateefa Okunnu adjourned the matter till December 4 to take application by the defence to recall a prosecution witness, Mrs Elizabeth Ebi.

    Another matter involving Atuche and a former Director of the Bank, Lekan Kasali before Justice Adeniyi Onigbanjo could not go on as scheduled.

     

     

  • Alleged fraud: Atuche’s trial starts afresh

    Alleged fraud: Atuche’s trial starts afresh

    The trial of former managing director of the now defunct Bank PHB Plc, Francis Atuche and one other commenced afresh on Wednesday before a Federal High Court, Lagos.

    Atuche and another ex-director of the bank, Charles Ojo, who have been before the court since 2009, were re-arraigned before a new judge on a 45-count charge.

    Their re-arraignment was informed by the fact that the new judge – Justice Rita Ofili-Ajumogobia has assumed proceedings in the case following the transfer of the earlier trial judge, Justice Fatimat Nyanko.

    Justice Ofil-Ajumogobia becomes the third judge to handle the case.

    The initial judge, Justice Akinjide Ajakaiye was equally transferred out of the Lagos division few months after he started the case. He has since retired from service.

    Atuche and Ojo are charged with among others, money laundering.

    The charge was brought against them by the Economic and Financial Crimes Commission (EFCC).

    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.

    Both men pleaded not guilty to the charge on Wednesday.

    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.