Daily Trust (Abuja)
Abbas Jimoh
4 November 2009
The Economic and Financial Crimes Commission (EFCC) yesterday told a Federal High Court, Lagos that former managing director of Bank PHB, Francis Atuche and one of his executive directors, Charles Ojo, granted a credit facility of N450billion without any collateral. EFCC made the allegation at the resumed hearing of their bail application.
Counsel to the EFCC, Kemi Phinherio, SAN, told the court that the credit facility was given frivolously without collateral and that the two bank chiefs acted beyond their approval limits.
Atuche and Ojo were arraigned on a 26 count charge last Wednesday before Justice Akinjide Ajakaiye.
The EFCC accused them of mismanagement of depositors' funds and abuse of credit management rules. They both pleaded "not guilty" to the charges.
In a bail application deposed to by Atuche's wife, Elizabeth, his counsel Tony Idigbe, SAN prayed the court to "consider the application in liberal terms because medical reports showed that Atuche is suffering from systematic hypertension and obstructive airway disease." Counsel to Ojo, Mike Osekhome, also prayed the court to consider his bail application in favour of his client owing to the constitutional presumption of his innocence.
However, Phinherio insisted that if granted bail, the suspects will interfere with the investigations of the commission.
Justice Ajakaiye adjourned ruling on the bail application till Monday, and the suspects remain in the custody of the EFCC.
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