FRANCIS ATUCHE

Court grants former bank chief bail.

An Ikeja High Court in Lagos on Wednesday granted bail to former Managing Director of Bank PHB, Mr Francis Atuche, and two others charged with theft of over N11.4 billion.
The money is said to belong to the bank.
Atuche is standing trial along with two directors of the bank Funmi Ademosun and Lekan Kasali.
They are facing a three-count charge of conspiracy and stealing before Justice Adeniyi Onigbanjo.
Ruling on separate bail applications by the accused, the judge held that Atuche should continue to enjoy bail on the terms granted him on Nov. 9, 2009.
The bail was granted by Justice Akinjide Ajakaiye of a Federal High Court in Lagos.
Onigbanjo held that there were similarities between the charges before him and that being faced by Atuche at the Federal High Court.
He also granted bail in the sum of N50 million with two sureties in like sum to Ademosun and Kasali.
The judge added that the sureties must produce evidence of three years tax payment while their residential or business addresses as well as the location of the property should be verified by an EFCC officer.
The judge ordered that all the accused should not travel abroad except on the permission of the court.
He ordered them to deposit their international passports and other travel documents with the EFCC.
Onigbanjo directed the accused to report to the EFCC on the first working day of every month.
The judge said that the EFCC could not convince the court to deny them bail.
He said the reasons given by the anti-corruption agency were weak and could not be substantiated.
He noted that Ademosun and Kasali had enjoyed administrative bail earlier granted them by the EFCC before they were re-arrested on May 3, saying that there was no evidence to prove that they breached the bail terms.
The judge, however, ordered all of them to be remanded at the Ikoyi Prisons pending the perfection of their bail conditions.
The court has adjourned the case till June 13 for hearing of arguments on a preliminary objection to the suit.
The objection was filed by Atuche.