Patience Akpuru
4 November 2009
Freedom for former managing directors of Bank PHB Plc and Spring Bank Plc, Mr. Francis Atuche and Mr. Charles Ojo is still delayed as the Federal High Court sitting in Lagos yesterday adjourned ruling on their bail applications till next Monday.
Atuche and Ojo were arraigned last Wednesday on a 26-count charge by the Economic and Financial Crimes Commission (EFCC) for allegedly granting unsecured loans to the tune of N84 billion, a charge to which they both pleaded not guilty and were further remanded in EFCC custody.
The accused persons were said to have committed the offence between November 2007 and June 2009.
The presiding judge, Justice Akinjide Ajakaiye yesterday fixed the date after listening carefully to arguments by counsel to the accused persons and the EFCC.
The EFCC in opposing the bail applications through its counsel, Mr. Kenny Phinhero (SAN), urged the court to discountenance the application, alleging that the accused persons would interfere with prosecution witnesses, if released on bail.
He further enjoined the court to consider the gravity of the offences leveled against the accused persons, saying that they were mortal since they have to do with the mismanagement of depositors' money and recklessness in the course of their duties. Daily Champion recalls that Ojo, who shared only two counts in the charge with Atuche, was not charged in his capacity as the immediate past MD of Spring Bank but as the Executive Director of Bank PHB, a post from which he resigned to join Bank PHB.
The offences were said to be contrary to and punishable under Section 15 (1) (a) of the Failed Banks (Recovery of Debts) and Financial Malpractices in Banks Act Cap F2, Laws of the Federation of Nigeria, 2004.
Earlier in court, counsels to Atuche led by Mr. Rickey Tarfa (SAN) had prayed the court to grant the accused person bail based on the fact that it was his constitutional right and the fact that the law presumes every accused person innocent until otherwise proven by a court of law.
They believed that the bail when granted would afford Atuche the opportunity to defend the case of fraud leveled against him, saying that such will be in the interest of justice and fair hearing.
According a paragraph affidavit in support of Atuche's bail application deposed to by his wife, Elizabeth Atuche, the deponent averred that the condition in which her husband was being detained had put his state of health in great jeopardy.
She added that that her husband was suffering obstructive airway disease and systematic hypertension, urging the court to admit the applicant to bail on liberal terms.
The defence counsel also attached a medical report in which one Dr. Olatunbosun Olawale averred that Atuche's thoracic spine had been complicated by spinal haematoma, which required conservative management.
Arguing the bail application for Ojo, his counsel, Mr. Mike Ozekhome told the court that his client needed urgent medical attention in view of his failing health condition.
He insisted that for the court to refuse bail for the accused would amount to violent violation of the constitutional presumption of innocence in favour of the accused, urging the court to discountenance the objection raised by the EFCC to the bail application.
However, the EFCC in its counter affidavit maintained that if granted bail, the accused would tamper with the witnesses lined up to testify against them as some of the witnesses had worked under the accused.
The commission further averred that the accused were still being investigated on allegations bordering on money laundering, fraudulent acquisition of properties and mismanagement of depositors funds. The commission however urged the court to refuse the bail application and order accelerated hearing of the matter.
The court has adjourned ruling till November 9.
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