The Nation Newspaper

Tag: Francis Atuche

  • Happy times for Francis Atuche, others

    Happy times for Francis Atuche, others

    AFTER years of nightmares, Francis Atuche and his wife, Elizabeth, can finally breathe easy and end their repeated trips to the courtroom. For several years, the former Managing Director of Bank PHB, his wife and a former Chief Financial Officer of Bank PHB, Mr. Anyanwu, stood trial over a fraud allegation involving the sum of N25.7 billion.

    But now they are as free as birds after a Lagos High Court sitting in Ikeja ruled  on June 22 that the trio did not steal the said sum as alleged by the Economic and Financial Crimes Commission (EFCC).

    The presiding judge, Justice Lateef Lawal-Akapo, stated that the EFCC failed to prove that the defendants stole the money from the bank. Atuche, who is said to have become a born again Christian, was relieved beyond words.

  • Alleged N25.7b theft: Court frees Francis Atuche, two others

    A Lagos High Court sitting in Ikeja yesterday struck out a N25.7 billion charge brought against a former Managing Director of the defunct Bank PHB, Francis Atuche, by the Economic and Financial Crimes Commission (EFCC).

    The EFCC charged Atuche, his wife, Elizabeth, and the bank’s former Chief Financial Officer, Ugo Anyanwu, to court for allegedly stealing N25.7 billion belonging to the bank.

    Delivering judgment in the matter yesterday, the trial judge, Justice Lateef Lawal-Akapo, discharged the trio of Atuche, Elizabeth and Anyanwu for lack of jurisdiction.

    Justice Lawal-Akapo said the prosecution’s case lacked merit.

    “I find no merit in the prosecution’s application, it is hereby dismissed. The defendants’ application dated November   27, 2013 succeeds and I hereby make the following orders:

    “The criminal charge in this suit is hereby struck out and the accused persons namely; Francis Atuche, Elizabeth Atuche and Ugo Anyawu are discharged. The complainant’s notice of plenary objection dated December 3, 2013, is hereby dismissed.”

    Counsels to the defendants, Chief Anthony Idigbe (SAN) and Sylvia Ogwemoh (SAN), had in separate applications, asked the court to quash the charge, citing the Court of Appeal judgment of November 21, 2013.

    Idigbe and Ogwemoh had argued that the appellate court in the judgment struck out the similar theft charge preferred against a former Managing Director of Finbank Plc, Mr. Okey Nwosu and others for lack of jurisdiction.ý

    Idigbe argued that Atuche’s application is challenging the jurisdiction of court, adding that if the court grant EFCC application, it would amount assuming jurisdiction on the matter.

    He explained that the faith of his clients should not be tied to the Okey Nwosu’s judgment appeal at the Supreme Court and urged the court to dismiss the application.

    Ogwemor, who is the counsel to the third defendant, Anyanwu, also made similar submission on behalf of his client.

    The EFCC, in another application filed by its counsel, Deacon Dele Adesina (SAN) on March 2, 2015, asked the court to adjourn ruling on the application indefinitely, pending the outcome of the EFCC’s appeal against the judgment at the Supreme Court.

    The two defence counsels objected to the application filed by the EFCC.

    Justice Lawal-Akapo, in his ruling, upheld the submissions of the defence counsels and held that the court lacked jurisdiction to hear the suit since they border on capital market issues.

    “The allegation of purchase of shares and stocks is contained in 15 of the 27-count charge brought against the accused persons. The case falls squarely within the precinct of the decision of the Court of Appeal in Okey Nwosu as well as Erastus Akingbola’s case.

    “The decision of the Court of Appeal becomes the extant law on the subject to the effect that any allegation of purchase of shares and stocks in any manner or coloration falls within the jurisdiction of the Federal High Court.

    “The Federal High Court as opposed to the State High Court has jurisdiction pursuant to Section 211(d)(h) of the 1999 Constitution as amended,” Justice Lawal-Akapo said.

    The court also held that it is bound by the decisions of a higher court.

    He said: “However learned a lower court may consider itself to be, the lower court is bound by the decision of the higher court and this is based on the doctrine of stare decisis in the Nigerian legal system.

    “Consequently, this court is bound by the decision of the Court of Appeal in the Federal Republic of Nigeria v Okey Nwosu and the Federal Republic of Nigeria v Erastus Akingbola.”

  • N25.7b charge: Atuche gets April date

    JUSTICE Lateef Lawal- Akapo of the High Court of Lagos State, Ikeja has fixed  Monday, April 13, for ruling on an application filed by a former Managing Director of Bank PHB, Francis Atuche.

    Atuche is seeking leave of court to quash the N25.7 billion theft charge preferred against him by the Economic and Financial Crimes Commission (EFCC).

    Justice Lawal-Akapo fixed the date for ruling on his application after hearing arguments from the defence and prosecution lawyers.

    The EFCC had charged Atuche and   his wife, Elizabeth, to court for allegedly stealing the money from the bank.

    They are being prosecuted alongside a former Chief Financial Officer of the bank, Ugo Anyanwu.

    Arguing the application, Atuche’s counsel, Tayo Oyetibo (SAN), asked the court to quash the charge for want of jurisdiction.

    Oyetibo said the application was hinged on a judgment delivered by the Court of Appeal, Lagos on November 21, 2014 which struck out the theft charges preferred against a former Managing Director of Finbank Plc,  Okey Nwosu and others.

    Oyetibo argued that both Nwosu and Atuche’s cases were similar, stressing that the lower court has a judicial duty to follow the decision of the appellate court.

    The Court of Appeal in Nwosu’s case held that “the Lagos State High Court lacked jurisdiction to entertain the charge because it emanated from capital market transactions.

    “The appellate court held that such capital market-based matter was an exclusive jurisdiction of the Federal High Court”, he added.

    He also urged the court to take judicial notice of the judgment of the Court of Appeal, Lagos delivered December 31, 2014 in the case of Erasmus Akingbola against the Federal Republic of Nigeria before arriving at its decision.

    According to him, the appellate court struck out the case against Akingbola, a former Managing Director of Intercontinental Bank Plc on the same grounds.

    However, the EFCC counsel, Miss Chinenye Ugwuagu, in her notice of preliminary objection, urged the court to dismiss the application for being frivolous and vexatious.

    Ugwuagu argued that the Court of Appeal’s decision in Nwosu’s case was not applicable to the case of  Atuche .

  • Alleged theft: Power outage stalls Atuche’s trial

    Power outage at the premises of the Lagos High Court, Ikeja, on Wednesday stalled the trial of a former managing director of Bank PHB, Francis Atuche.

    The News Agency of Nigeria reports that Atuche and his wife, Elizabeth, are standing trial over alleged theft of N25.7 billion belonging to the bank (now Keystone Bank).

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

    However, the proceedings could not go on as scheduled on Wednesday because of power outage which affected some courtrooms in the complex.

    One of the generators supplying power to the new court complex where Okunnu’s courtroom is located was said to have developed a fault.

    The situation forced the court to adjourn the case till September 26 for Atuche to continue his testimony.

    Atuche had earlier denied the theft charge preferred against him by the Economic and Financial Crimes Commission (EFCC).

    The former bank chief had said that he could not engage in theft as a member of Catholic faith.

    He also told the court how he grew a mortgage finance company – Pinnacle Investment Limited — and transformed it into Platinum Bank Plc.

    Atuche said the bank merged with Habib Bank following the mandatory N25 billion recapitalisation policy initiated by former governor of Central Bank, Prof. Charles Soludo.

     

  • Ex-Bank PHB MD Atuche rejects court’s rule on criminal trial

    Ex-Bank PHB MD Atuche rejects court’s rule on criminal trial

    A former Managing Director of Bank PHB Plc (now Keystone Bank), Mr Francis Atuche, yesterday urged the Federal High Court not to subject him to a criminal trial for alleged bank fraud using its practice rules.

    His lawyer Chief Anthony Idigbe (SAN) said certain requirements in the Federal High Court Practice Direction 2014 contravened the provisions of the 1999 Constitution.

    The lawyer said the practice direction was inapplicable to the trial, adding that the prosecution cannot force the defence to disclose its case in advance.

    According to him, it is irregular for the defendant to be compelled, as required by the rules, to specify in writing the defence it intends to raise or which aspects of the prosecution’s case it intends to oppose when the prosecution had not called any witness.

    Idigbe urged the court to jettison the practice direction, adding that the power of the court’s Chief Judge (CJ) was limited by the provisions of Sections 4 of the Criminal Procedure Act.

    The practice direction requires the prosecution to file a summary of their case, the documents they wish to tender as exhibits, further documents and investigations it will require.

    The defence is required to file the summary of its case, state its witnesses, documents proposed to be tendered as exhibits and the areas of the prosecution’s case it admits or wishes to oppose, all before the trial begins.

    Idigbe said the practice direction is against the provisions of the Constitution, which place the onus on the prosecution to prove the guilt of the accused.

    The lawyer said the rule, in effect, is shifting the responsibility to the accused to prove his innocence by asking him to provide documents for his defence.

    He said no burden of proof should be placed on the defendant, adding that the practice direction tries to force the defence to specify their strategy.

    Prosecution lawyer Mr Kemi Pinheiro (SAN) said Section 254 of the 1999 Constitution vests the Chief Judge with the power to make court rules.

    “Any power stipulated by the Constitution cannot be diminished,” he said.

    Pinheiro said Idigbe failed to show which existing law forecloses the CJ from formulating the practice direction.

    He said: “The practice direction is not only in consonance with Section 254. At no time has the CJ exceeded those powers. It complements rather than derogates from Section 36 of the Constitution…”

    “His (Idigbe’s) anxiety is completely misplaced. The requirement is merely for him to specify which aspects of the charge he agrees with,” Pinheiro said.

    He maintained that the defence must clearly show any law which precludes the CJ from making the rules, adding that its basis was to enhance speedy disposal of cases.

    The Economic and Financial Crimes Commission (EFCC) re-arraigned Atuche and Keystone Bank’s former director Charles Ojo on an amended charge of loan fraud and money laundering.

    They pleaded not guilty to the 45 counts of conspiracy, reckless granting and approval of loans and money laundering, between September 1, 2006 and 2009.

    Atuche was accused of applying N3.5billion being proceeds of unlawful loans granted to Tradjek Nigeria Limited, a subsidiary of Futureview Financial Services Ltd, 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.

    EFCC said he collaborated with different companies to conceal the genuine origins of the N3.5billion used to acquire the bank’s shares.

    The alleged offences 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, while reckless granting of loans contravene Section 7(1)(b) of the Advance Fee Fraud and other Fraud Related Offences Act and punishable under section 7(2)(b).

    Justice Saliu Saidu adjourned till September 30 for ruling.

     

  • N25.7b theft charge: Atuche loses bid to stay proceedings

    N25.7b theft charge: Atuche loses bid to stay proceedings

    Former Managing Director of Bank PHB, Francis Atuche yesterday lost in his bid to stay proceedings in a N25.7 billion theft charge preferred against him by the Economic and Financial Crimes Commission (EFCC).

    A Lagos State High court presided by Justice Lateefat Okunnu, struck out his application.

    Atuche is charged alongside his wife, Elizabeth and a former Chief Financial Officer of the bank, Ugo Anyanwu.

    The EFCC alleged that the offence was committed when Atuche was the Chief Executive Officer (CEO) of the bank.

    At the resumed hearing, Atuche’s Counsel, Chief Anthony Idigbe (SAN), urged the court to stay proceedings, pending the determination of the appeals by the defendants at the court of Appeal, Lagos Division.

    He said the EFCC had applied for stay of proceedings at the Appeal Court and has also petitioned that the panel of judges be reconstituted.

    “The prosecution had filed a stay of proceedings against our appeal at the Appeal Court.

    “They want the court to stay hearing of our appeal pending the determination of their own appeal against the ruling delivered by the Appeal Court on November 21,2013 at the Supreme Court,” Chief Idigbe said.

    Idigbe accused the EFCC of frustrating Atuche’s appeal at the Appeal Court by seeking a stay of proceedings, demanding the reconstitution of the panel.

    Idigbe said it was, therefore,proper and in the interest of justice, for the court to wait for the decision of the apex court.

    But the EFCC counsel, Mr Kemi Pinheiro (SAN) urged the court to dismiss the defendants’ application, which he said, was an abuse of court processes.

    He argued that the application for stay of proceedings filed was a ploy to delay proceedings.

    “The law as it stands mandate the court to uphold Section 40 of the EFCC Act,” he submitted.

    Justice Okunnu held that Section 273 of the Administration of Criminal Justice Law (ACJL) prohibited her from entertaining the application.

    She said Section 40 of the Economic and Financial Crimes Commission (EFCC) Act also compelled her not to determine the application.

    According to her, Section 36 of the 1999 Constitution of the Federal Republic of Nigeria provides that a criminal charge should be concluded quickly.

    “I hereby strike out the application in its entirety,” she said.

    The trial judge, thereafter, adjourned the matter till tomorrow for continuation of trial.

    The Appeal Court also struck out the theft charges preferred against a former Managing Director of Finbank Plc, Mr Okey Nwosu by the EFCC.

     

  • Atuche, Ojo’s case reassigned to another judge

    Atuche, Ojo’s case reassigned to another judge

    The Chief Judge of the Federal High Court, Justice Ibrahim Auta, on Monday re-assigned the case filed against the former managing director, defunct bank PHB, Francis Atuche, charged with N125 billion fraud.

    The case which was initially before Justice Rita Ofili-Ajumogobia, has now been transferred to Justice Saliu Saidu.

    No reason was given for the transfer.

    The matter is now scheduled to come up before Justice Saidu on February 20.

    The EFCC filed an amended 45-count charge bordering on the alleged offence againt Atuche and the former managing director of defunct Spring Bank, Charles Ojo.

    The News Agency of Nigeria recalls that the accused were rearraigned before Ofili-Ajumogobia on November 14, 2012, following the retirement of Justice Akinjide Ajakaiye, the first judge.

    They had each pleaded not guilty to the charge and were granted bail.

    NAN reports that in the charge, the accused were alleged to have granted fraudulent credit facilities, manipulated shares and committed general banking fraud to the tune of over N125 billion.

    The offence is said to contravene the provisions of Section 15 of the Failed Banks (Recovery of debts) and Financial Malpractices in Banks Act, 2004.

    NAN reports that the prosecution had yet to open its case before the transfer.

     

     

     

  • Alleged N27.5b theft: Court declines Atuche’s application to dismiss charges

    Alleged N27.5b theft: Court declines Atuche’s application to dismiss charges

    Justice Lateefat Okunnu of a Lagos High Court yesterday dismissed an application filed by a former Managing Director of the defunct BankPHB, Mr. Francis Atuche challenging the jurisdiction of the court to try him.

    Justice Okunnu held that the trial of the former Managing Director of defunct BankPHB will continue in the court. Atuche is standing trial alongside his wife, Elizabeth and former Chief Financial Officer of the bank, Ugo Anyanwu over the alleged N25.7 billion theft charged preferred them by the Economic and Financial Crimes Commission(EFCC).

    At the resumed trial of the matter on Monday, the court declined to consider the decision of the court of appeal which said that only federal high courts have jurisdiction on charges bordering on capital market offences as in the case of a former Managing Director of defunct Fin Bank, Mr. Okey Nwosu.

    Atuche, had urged the Court to dismiss the charge against him and his wife, Elizabeth on the ground that the subject matter of the charges against them emanated from the issue of acquisition of shares of the bank.

    He had argued then that the control of capital issue is item 12 on the Exclusive Legislative list in the 1999 constitution and same exclusive to the jurisdiction of the Federal High Court by virtue of Section 251(1) of the 1999 constitution and section 7 (3) of the Federal High Court Act, 2004 Cap F12.

    But Justice Okunnu in her ruling delivered after parties had finished their arguments declined to grant Atuche’s application.

    The trial judge held that granting the application to dismiss the charges would amount to preempting the decision of the court appeal in an appeal filed by Atuche on June 22, 2011, in which he had challenged the jurisdiction of the court to entertain the charge.

    Justice Okunnu said, it will amount to judicial rascality to do so and therefore opted to continue with the trial pending the determination of Atuche;s appeal at the appeal court on the same issue of jurisdiction.

    The judge subsequently adjourned till March 10, 2014 for continuation of trial

    Atuche had in the motion filed by his counsel, Chief Anthony Idigbe SAN and supported with a four paragraph affidavit deposed to one, Martins Nwankwo, contended that the Lagos High Court does not have the power and jurisdiction to review and make judicial pronouncements on most of the exhibits tendered so far; the exhibits being subject of item12 of the Exclusive legislative list .

    He had further contended that the court cannot reach a fair, just and whole decision at the end of the trial without considering the Exhibits bordering on capital market issues upon which the court lacks jurisdiction to adjudicate by virtue of the 1999 constitution.

    But counsel to the EFCC Mr. Kemi Pinheiro (SAN) in their notice of preliminary objection to the motion urged the court to dismiss in limine ( from beginning) for being scandalous, frivolous and vexatious.

    The anti-graft agency in the motion filed December 3, 2013, also contended that the plaintiffs were gambling with the process of the court contrary to the Supreme court decision in Abubakar v. Yar’adua (2008) 4 NWLR (Pt.1120).

    EFCC therefore urged the court to dismiss the motion being vexatious and abuse of court 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.”