This Day (Lagos)
Davidson Iriekpen
4 November 2009
Lagos — Economicand Financial Crimes Commission (EFCC) yesterday told Justice Akinjide Ajakaiye of the Federal High Court in Lagos that the former Managing Directors of Bank PHB and Spring Bank, Francis Atuche and Charles Ojo who have been in its custody for about three weeks now, granted over N450bn "frivolous credit facility without security."
This came as Justice Ajakaiye adjourned ruling till November 9, 2009 on the bail applications brought by the two former bank chiefs .
Speaking through its lawyer, Kemi Phinherio (SAN), at the continued hearing of the matter in court yesterday, EFCC maintained that the credit facilities were granted without collateral and that the accused granted loan beyond their approval limit.
But the accused had pleaded not guilty to the allegations while their counsel, Tony Idigbe and Mike Ozekhome applied for bail.
According to the affidavit in support of Atuche's bail application deposed to by his wife, Elizabeth, 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 airwaydisease and systematic hypertension, urging the court to admit the applicant to bail on liberal terms.
Justice Ajakaiye however fixed November 9, 2009 for ruling on the bail application brought by the two former bank chiefs.
Atuche and Ojo were arraigned last Wednesday before Justice AkinjideAjakaiye on 26 total charges of granting reckless credit facility andmismanagement of depositor's funds.The accused persons were said tohave committed the offence between November 2007 and June 2009.
Be the first to Write a Comment!
Copyright © 2009 This Day. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com).
AllAfrica aggregates and indexes content from over 125 African news organizations, plus more than 200 other sources, who are responsible for their own reporting and views. Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica.
