“Former managing director of Bank PHB, Francis Atuche and one of his executive directors, Charles Ojo arraigned at a Federal High Court sitting in Lagos, have been accused of granting a credit facility of N450billion without any collateral. The Economic and Financial Crimes Commission, EFCC, made this allegation on Tuesday at the resumed hearing of their bail application,” according to a press release signed by Femi Babafemi, spokesman of the EFCC.



The release which was sent to media houses at around 7:00 pm Tuesday night said: “Counsel to the EFCC, Kemi Phinherio, SAN, told the court that the credit facility was given frivolously without collateral and that the two bank chiefs acted beyond their approval limits.”

Francis Atuche and Charles Ojo were arraigned on a 26 count charge last Wednesday before Justice Akinjide Ajakaiye. They were alleged to have mismanaged depositor’s funds and contravening Central Bank of Nigeria guidelines on issuing credits. Ojo and Atuche pleaded not guilty to the charges.

Atuche’s wife, Elizabeth, had deposed to an affidavit claiming that he was in poor health. Tony Idigbe,SAN, who is Atuche’s lawyer prayed the court to “consider the bail application in liberal terms because medical reports showed that Atuche is suffering from systematic hypertension and obstructive airway disease” . Counsel to Ojo, Mike Ozekhome, also prayed the court to consider his bail application in favour of his client owing to the constitutional presumption of his innocence.
The EFCC, through its Counsel, Phinherio urged the Court to deny the accused person’s bail, insisting that, if granted bail, “the suspects will interfere with the investigations of the commission and may unduly influence all the witnesses the commission relies upon.” Justice Ajakaiye adjourned ruling on the bail application till Novenber 9th , 2009.