Atuche, wife, 2 others remanded in custody over N11.4b theft.
A former Managing Director of Bank PHB, Francis Atuche and two others were on Tuesday brought before an Ikeja High Court for allegedly stealing N11.4 billion.
Atuche was arraigned alongside the duo of Funmi Ademosun and Lekan Kasali by the Economic and Financial Crimes Commission EFCC on a three-count charge of conspiracy and stealing.
The EFCC had alleged that Atuche conspired with the accused to steal N11.4 billion belonging to the bank while serving as its CEO between Nov. 2007 and Sep. 2008.
The commission also accused the accused of selling off some Afribank shares jointly owned by Caverton Helicopters Ltd and Bank PHB and converting the proceeds to their personal use.
The accused, however, pleaded not guilty to the charges which the EFCC said contravened Sections 383 and 516 of the Criminal Code, Laws of Lagos State.
At the arraignment of the accused on Tuesday, Atuche’s Counsel, Anthony Idigbe SAN, urged the court to remand his client in EFCC custody pending the hearing of his bail application.
But the Counsel to the EFCC, Kemi Pinheiro SAN objected to the request and asked the court to remand the accused in prison custody.
Pinheiro argued that the EFCC had no constitutional duty to hold persons awaiting trial, saying it is in the best interest of the accused to be taken off the hands of an unwilling custodian.
In his ruling, Justice S.A. Onigbanjo ordered Atuche and the two others to be remanded in EFCC custody and adjourned the matter to May 19 for the hearing of the bail application.
Meanwhile, Atuche’s wife, Elizabeth, who is facing a three-count charge of conspiracy, felony and stealing, has also been remanded in prison custody.
She was alleged to have stolen N8.5 billion belonging to the bank between Nov. 2007 and April 2008 and fraudulently converted the proceeds of several loans for the acquisition of 337,500,000 and 168,750,000 units of Bank PHB shares through Ghazali Yakubu Investment Ltd and AFCO Associates Ltd., to personal use.
She, however, pleaded not guilty to the charges.
Justice Latifat Okunnu ordered her to be remanded in prison custody and fixed July 5, 6 and 12 as trial dates.
A former Managing Director of Bank PHB, Francis Atuche and two others were on Tuesday brought before an Ikeja High Court for allegedly stealing N11.4 billion.
Atuche was arraigned alongside the duo of Funmi Ademosun and Lekan Kasali by the Economic and Financial Crimes Commission EFCC on a three-count charge of conspiracy and stealing.
The EFCC had alleged that Atuche conspired with the accused to steal N11.4 billion belonging to the bank while serving as its CEO between Nov. 2007 and Sep. 2008.
The commission also accused the accused of selling off some Afribank shares jointly owned by Caverton Helicopters Ltd and Bank PHB and converting the proceeds to their personal use.
The accused, however, pleaded not guilty to the charges which the EFCC said contravened Sections 383 and 516 of the Criminal Code, Laws of Lagos State.
At the arraignment of the accused on Tuesday, Atuche’s Counsel, Anthony Idigbe SAN, urged the court to remand his client in EFCC custody pending the hearing of his bail application.
But the Counsel to the EFCC, Kemi Pinheiro SAN objected to the request and asked the court to remand the accused in prison custody.
Pinheiro argued that the EFCC had no constitutional duty to hold persons awaiting trial, saying it is in the best interest of the accused to be taken off the hands of an unwilling custodian.
In his ruling, Justice S.A. Onigbanjo ordered Atuche and the two others to be remanded in EFCC custody and adjourned the matter to May 19 for the hearing of the bail application.
Meanwhile, Atuche’s wife, Elizabeth, who is facing a three-count charge of conspiracy, felony and stealing, has also been remanded in prison custody.
She was alleged to have stolen N8.5 billion belonging to the bank between Nov. 2007 and April 2008 and fraudulently converted the proceeds of several loans for the acquisition of 337,500,000 and 168,750,000 units of Bank PHB shares through Ghazali Yakubu Investment Ltd and AFCO Associates Ltd., to personal use.
She, however, pleaded not guilty to the charges.
Justice Latifat Okunnu ordered her to be remanded in prison custody and fixed July 5, 6 and 12 as trial dates.
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