The Nation Newspaper

Tag: Bank PHB

  • Olu Akanmu back in banking world

    Olu Akanmu back in banking world

    OLU Akanmu, ex- Chief Marketing Officer, Airtel Nigeria, who left the services of the telecoms company in a rather curious and hazy circumstance last May barely one year after taking up the appointment, has returned to the banking world.

    The one-time Managing Director/ Chief Executive, Retail and Consumer Banking, Bank PHB, is now Divisional Head, Retail Banking of First City Monument Bank Limited.

    Akanmu has over 23 years of experience spanning marketing, banking, telecommunications, and consulting, manufacturing, advertising, pharmaceutical and health care sectors.

  • Atuche: EFCC ordered to produce trial document

    Atuche: EFCC ordered to produce trial document

    Justice Lateefat Okunnu of a Lagos High Court, Ikeja, on Friday ordered the Economic and Financial Crimes Commission (EFCC) to produce some documents relating to the on-going trial of former managing director of Bank PHB, Mr. Francis Atuche, within seven days.

    The documents which the court ordered the commission to produce include board resolutions of four companies – Integrated Services Limited, Futureview Financial Services Limited, Tradjeck Limited and Extra Oil Limited.

    The judge had on October 2 issued a subpoena on the EFCC, and ordered the commission to produce the documents on or before the next sitting of the court on November 1.

    Atuche and his wife, Elizabeth, were charged to court by the EFCC, alongside a former Chief Financial Officer of the bank, Ugo Anyanwu .

    They are standing trial for allegedly stealing N25.7 billion belonging to Bank PHB (now Keystone Bank).

    At the resumed trial of the matter on Friday, Atuche’s counsel, Chief Anthony Idigbe (SAN), asked the court to order the EFCC to produce the original documents.

    Chief Idigbe said the documents are very relevant to the charge as they relate to a N10.9 billion credit facility Atuche had allegedly granted to the companies, without their knowledge.

    He alleged that the original copies of the said documents were in the custody of the EFCC.

    An EFCC official, Mr. Boniface Uzoechi, who reacted on behalf of the prosecution, admitted that the documents are in the custody of the commission.

    Uzoechi however told the court that the said documents were at the agency’s headquarters in Abuja and only got to know that the court was sitting on Friday.

     

  • EFCC asks judge to hands off Atuche, Ojo’s trial

    EFCC asks judge to hands off Atuche, Ojo’s trial

    The Economic and Financial Crimes Commission (EFCC) has asked a judge of the Federal High Court, Lagos, Justice Rita Ofili-Ajumogobia, to withdraw from adjudicating the trial of former Managing Directors of Bank PHB Plc and Spring Bank Plc, Francis Atuche and Charles Ojo respectively.

    The trial was fixed for Tuesday, but it did not go on, and no new date was fixed.

    After a brief meeting with the judge in chambers, Atuche’s lawyer, Chief Anthony Idigbe (SAN), came out of the court, visibly angry.

    Speaking to reporters outside the courtroom, he accused the EFCC of “selecting” which judges would try their cases.

    “EFCC is choosing which judge to hear their cases,” Idigbe alleged.

    Atuche and Ojo were among bank chiefs sensationally arraigned in 2009 for allegedly granting loans without security.

    It was learnt that EFCC requested that the case be transferred to another judge because Justice Ofili-Ajumogobia is from the same state (Delta) as the first defendant (Atuche).

    It was also learnt that the judge indicated that she would return the case-file to the Chief Judge, Justice Ibrahim Auta for re-assignment to another judge.

    When asked what transpired in the chambers, EFCC’s lawyer, Mr. Kemi Pinheiro (SAN), declined comments.

    He also did not elaborate when asked why the case did not go on again, but said his witnesses who were on subpoena were in court.

    Asked if it was true that the case-file would be returned to the Chief Judge for re-assignment to another judge, Pinheiro said: “Was it announced in court?”

    Atuche and Ojo were first arraigned on October 20, 2009 on 45- count charge.

    They were accused of granting questionable loans to the tune of N125 billion without board approval.

    Their case has gone through two judges of the Federal High Court, before their fresh re-arraignment on November 15 last year before Justice Ofili-Ajumogobia.

     

  • Court adjourns Atuche’s trial till October 23

    Court adjourns Atuche’s trial till October 23

    A Lagos High Court, Ikeja, on Friday adjourned the trial of a former managing director of Bank PHB, Francis Atuche, till October 23.

    Justice Lateefat Okunnu adjourned the case to enable Atuche’s lawyers to examine some documents relating to the trial.

    The documents were presented on Friday by Keystone Bank which was subpoenaed by the court.

    Addressing the court, Atuche’s counsel, Mr. Tayo Oyetibo (SAN), said the documents were vital to the defence.

    Oyetibo, therefore, asked for an adjournment to enable the defence to examine the documents.

    The News Agency of Nigeria (NAN) reports that Atuche and his wife, Elizabeth, are standing trial for allegedly stealing N25.7 billion belonging to Bank PHB (now Keystone Bank).

    They were being prosecuted by the Economic and Financial Crimes Commission (EFCC) alongside a former Chief Financial Officer of the bank, Ugo Anyanwu.

    The accused had earlier pleaded not guilty to the charges.

  • Atuche: EFCC, Utomi disagree over loan ratification

    Atuche: EFCC, Utomi disagree over loan ratification

    The Economic and Financial Crimes Commission (EFCC) on Friday faulted Prof. Pat Utomi’s testimony that Bank PHB’s Board of Directors ratified some loan facilities granted by the bank’s former managing director, Francis Atuche.

    Mr. Kemi Pinheiro (SAN), Counsel to the EFCC, faulted the claim while cross-examining Utomi, a former Executive Director of Bank PHB, before a Lagos High Court, Ikeja.

    The News Agency of Nigeria (NAN) reports that Utomi is the first defence witness in the trial of Atuche and his wife, Elizabeth.

    The duo are being prosecuted alongside a former Chief Financial Officer of the bank, Ugo Anyanwu, before Justice Lateefat Okunnu.

    They were arraigned by the EFCC for allegedly stealing N25.7 billion belonging to Bank PHB (now Keystone Bank).

    Utomi had on Monday testified that the N100 billion loan facilities granted to some companies were ratified by the board members at a meeting held on July 9, 2008.

    Cross-examining the witness, Pinheiro argued that another board of directors meeting held on August 25, 2010, indicated that the loans were never ratified.

    “The same board questioned the facility and denied knowledge of the ratification,’’ he said.

    Pinheiro said the purposes for which the loans were obtained were not contained in the minutes of meeting Utomi tendered before the court.

    He said the purported ratification was approved by Utomi and other board members because they had obtained loans directly and indirectly from the bank.

    Pinheiro said that Utomi obtained personal loans of N40 million and N10 million in three separate instances from Bank PHB during Atuche’s tenure.

    Responding, Utomi insisted that the board ratified the loans following the presentation of the bank’s credit committee.

     

     

  • 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.

     

     

     

  • Atuche’s prosecution an injustice – Utomi

    Atuche’s prosecution an injustice – Utomi

    A social critic and former board member of defunct Bank PHB, Prof. Pat Utomi, on Wednesday told a Lagos High court, Ikeja, that the bank’s former managing director, Mr. Francis Atuche was a victim of a plot hatched by the powers that be to forcefully take over the bank.

    He said Atuche’s prosecution was an act of injustice.

    Prof. Utomi, spoke during his testimony before the court presided by Justice Lateefat Okunnu.

    Atuche, his wife, Elizabeth and the bank’s former Chief Financial Officer, Ugo Anyanwu were arraigned before the court by the Economic and Financial Crimes Commission(EFCC) for allegedly stealing N25.7 billion belonging to the bank.

    Prof. Utomi, who was led in evidence by the defence counsel, Chief Anthony Idigbe (SAN) told the court that the plot to get Atuche out of the bank was hatched right from the top, adding that even the Governor of Central Bank of Nigeria, Mallam Lamido Sanusi, told him at a point that “if Atuche is removed as the bank’s chief executive that things will change.”

    The witness said the plot to take over Bank PHB by the CBN Governor was confirmed by a former presidential spokesman, Segun Adeniyi ,in his book “Power, Politics and Death: A Front-Row Account of Nigeria Under the Late President Yar’Adua.”

     

  • Ex-Spring Bank’s, Bank PHB’s chiefs seek to quash charges

    A former Managing Director of the defunct Spring Bank Plc, Charles Ojo, and his Bank PHB Plc counterpart, Francis Atuche, have urged a Federal High Court, Lagos, to quash criminal charges brought against them by the Economic and Financial Crimes Commission (EFCC).

    They are facing a 45-count charge of alleged N125 billion fraud.

    Ojo was formerly with Bank PHB before moving to Spring Bank following a merger bid.

    Justice Rita Ofili-Ajumogobia reserved ruling for July 8.

    She fixed the date after Ojo’s lawyer, Mr Osahon Idemudia, had replied on points of law to processes filed by the prosecutor, Mr Dele Adesina (SAN).

    The defendants were first arraigned before Justice Akinjide Ajakaiye in 2009.

    They had pleaded not guilty to the charge, and the court had granted them bail.

    They subsequently challenged the competence of the charge preferred against them, urging the court to quash it, but Justice Ajakaiye had refused their application and ordered their trial.

    The two then filed an appeal to the Court of Appeal, urging it to set aside the ruling of Justice Ajakaiye which ordered their trial.

    Ojo and Atucje were subsequently re-arraigned before Justice Ofili-Ajumogobia on November 14, last year following Justice Ajakaiye’s transfer.

    This led to the commencement of the case de novo (afresh) before Ofili-Ajumogobia.

  • 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.

     

  • 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.