EFCC arraigns Ex-Bank PHB Chief, wife, others over alleged theft

A former Managing Director of Bank PHB Plc, Mr Francis Atuche, his wife, Elizabeth and two others were today arraigned before an Ikeja High Court in Lagos over charges bordering on theft.

Atuche was arraigned alongside Mr Funmi Ademosun and Lekan Kasali by the Economic and Financial Crimes Commission (EFCC) on a three-count charge of conspiracy to commit felony and stealing before Justice S.A. Onigbanjo.

His wife, Elizabeth was also arraigned before Justice Lateefat Okunnu on a separate three-count charge of conspiracy to commit felony and stealing.

The EFCC alleged that Atuche while being the Chief Executive Officer of Bank PHB conspired with the two accused persons to steal over N11.4 billion belonging to the bank.

The commission in the charge sheet which was read to the former bank executives alleged that they committed the offence between November 2007 and September 2008.

They alleged that the accused persons sold 241, 579, 284 units of Afribank shares, a joint property of Caverton Helicopters Ltd, and Bank PHB Plc and converted the proceeds for their personal use.

The three accused persons were also alleged to have fraudulently converted some of the stolen money into loans to Congipar Nig. Ltd and using same for their personal use.

The EFCC claims the alleged offences contravene Sections 516 and 383 of the Criminal Code Law, CAP C17, Laws of Lagos State, 2003. .

The accused persons pleaded not guilty to all the charges.

However, after the arraignment, Atuche’s counsel, Chief Anthony Idigbe (SAN) pleaded with the court to allow his client to be remanded in EFCC custody pending the hearing of the bail application filed on his behalf.

EFCC counsel, Mr Kemi Pinheiro (SAN) however objected to the request and asked the court to remand the accused persons in prison custody.

Pinheiro argued that the EFCC had no constitutional duty to hold persons awaiting trial, adding that it was in the best interest of the accused persons to be taken off the hands of an unwilling custodian.

Justice Onigbanjo, however ordered Atuche and the two accused persons to be remanded in EFCC custody and adjourned the matter till 19 May for hearing of their bail applications.

In the charge against Atuche’s wife Elizabeth, she was alleged to have stolen N8.5 billion belonging to the bank between November, 2007 and April, 2008.

The EFCC alleged that Mrs Atuche fraudulently converted the proceeds of several loans for the acquisition of 337,500,000 and 168,750,000 units of Bank PHB shares on behalf of Ghazali Yakubu Investment Limited and AFCO Associates Limited.

The alleged offences contravene Sections 519 and 383 of the Criminal Code Law, CAP C17, Laws of Lagos State 2003.

She also pleaded not guilty to all the charges after they were read to her.

Her, counsel, Idigbe urged the court to remand her in EFCC custody pending the hearing of her bail application which will be heard on 19 May.
By Henry Ojelu