The Nation Newspaper

Tag: Ugo Anyanwu

  • N27.5b theft: Court frees Atuche, two others

    N27.5b theft: Court frees Atuche, two others

    A Lagos High Court sitting in Ikeja has 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.

    The EFCC had arraigned Atuche and his wife, Elizabeth, alongside a former Chief Financial Officer of the bank, Ugo Anyanwu in court for allegedly stealing N25.7billion belonging to the bank, while the first defendant (Atuche) was the Chief Executive Officer.

    Delivering judgment in the matter on Monday, the trial judge, Justice Lateef Lawal-Akapo, dismissed the charge for lack of jurisdiction.

    The judge 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.

     

  • Alleged theft: Court rules on Atuche’s application April 13

    Alleged theft: Court rules on Atuche’s application April 13

    Justice Lateef Lawal- Akapo of the Lagos High Court, Ikeja, has fixed 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 defence and prosecution lawyers.

    The EFCC had arraigned Atuche and his wife, Elizabeth, in 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, Mr. 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, Mr. Okey Nwosu and others.

    Oyetibo argued that both Nwosu and Atuche’s cases were similar, stressing that the lower court had 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 lacks the 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.

     

  • 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.

     

  • Atuche’s counsel dismisses alleged threat to life of EFCC witness

    Atuche’s counsel dismisses alleged threat to life of EFCC witness

    Lawyers to a former Bank PHB boss, Francis Atuche, on Thursday dismissed allegation by the Economic and Financial Crimes Commission that one of its witnesses received threats to his life.

    The News Agency of Nigeria (NAN) reports that Atuche, the bank’s former Managing Director, is being prosecuted before Justice Lateefat Okunnu of a Lagos High Court in Ikeja.

    He was charged to court alongside his wife, Elizabeth and a former Chief Financial Officer of the bank, Ugo Anyanwu, for alleged stealing.

    The commission alleged that they stole over N25.7 billion belonging to Bank PHB (now KeyStone Bank) between Nov. 2007 and April 2008.

    During Thursday’s proceedings, EFCC counsel, Mr Adebowale Kamoru, informed the court that the witness, Mr Bolaji Ogunsola, had sent an e-mail to the commission alleging that his life was being threatened.

    Ogunsola, a former managing director of Mortgages PHB Ltd, a subsidiary of Bank PHB, had on Sept. 26 testified against the defendants.

    Kamoru said the witness had gone into hiding following the alleged threat, stressing that all efforts by the EFCC to convince him to appear before the court had proved futile.

    He said: “The appropriate law enforcement agencies have been informed of the development.

    “Necessary steps are being taken to ensure that adequate security is put in place throughout the period he will appear before the court on this matter”.

    Kamoru said the witness would continue his testimony when the security arrangement was in place and therefore, sought an adjournment.

    Responding, counsel to the Atuches, Chief Anthony Idigbe (SAN), said the allegation was baseless, noting that it was aimed at portraying the defendants in bad light before the court.

    He said:”I am completely shocked by the comments of prosecution counsel.

    “In the e-mail, the witness did not indicate where and on whom those threats might have come from.

    “But having expressed it in open court, there is an inference perhaps that the defendants are responsible for the alleged threat”.

    Idigbe said 15 witnesses had already testified before the court on behalf of the prosecution, stressing that none of them had made such allegations against the defendants.

    He, therefore, urged the court to order police protection for Ogunsola, so that he could appear for his cross-examination.

    Counsel to Anyanwu, Mr Silva Ogwemoh, also condemned the allegation against the defendants.

    Ogwemoh said he was shown a half-torn paper by the EFCC counsel, which was the purported e-mail received by the witness.

    He said:” We have shown that we are prepared to conduct our defence. Nobody has been threatened and we will not do so for any reason.

    “We are indeed taken aback and we are very sad with this development”.

    NAN reports that the matter was adjourned to Oct. 9 for continuation of trial. (NAN)