Lagos — The Economic and Financial Crimes Commission (EFCC)yesterday told to a Federal High Court sitting in Lagos that the sacked Managing Directors of Bank PHB and Spring BankPLC, Francis Atuche and Charles Ojo, recklesslessly gave out loans worth over N450 billion without collateral security.

Counsel to EFCC, Kemi Phinherio (SAN) at the resumed hearing of the matter in court, maintained that loans were granted without collateral, adding that the accused persons granted credit facilities beyond their authorised approval limit.

The accused persons,who were sacked last month by the Central Bank of Nigeria(CBN), were arraigned last week before Justice Akinjide Ajakaiye on a 26 count charge of granting reckless credit facility,illegal acquisition of financial assets and mismanagement of depositor's funds.

The accused persons were said to have flouted the Central Bank Act under which commercial banks are suppose to strictly comply to.

They were said to have committed the offence between November 2007 and June 2009.

While Atuche was alleged to have perpetuated the economic crime in his capacity as the Managing Director of Bank PHB, Ojo was said to have done so in his capacity as the Executive Director of 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.