Patience Akpuru
9 November 2009
Reprieve came the way of former managing directors of BankPHB Plc and Spring Bank Plc, Mr. Francis Atuche and Mr. Charles Ojo, as the Federal High Court sitting in Lagos yesterday granted them freedom pending the determination of the charge of corruption leveled against them.
Atuche and Ojo were last month arraigned 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 pleaded not guilty and were further remanded in EFCC custody, following their arrest earlier in the month.
The accused persons were said to have committed the offence between November 2007 and June 2009.
Ruling on the bail applications filed by their counsel, the presiding judge, Justice Akinjide Ajakaiye granted each of them bail in the sum of N50 million with two sureties each who are to tender titled document of a landed property in Ikoyi or Victoria Island, Lagos. The conditions for their bail would be verified by the judge.
Justice Ajakaiye in the course of the ruling identified one single issue for determination which he said was whether or not enough materials had been placed before the court in determining the applications.
He held further that pre-trial bail applications were usually granted except where there are compelling reasons or circumstances for the court to do the contrary unlike post-trial bail application.
On the argument by the EFCC that the applicants would influence the witnesses the judge said this may not be possible because the accused persons had been removed from office saying the loyalty of an employee ought to be to the company and not an individual.
The judge also said that there was nothing in the prosecution's counter affidavit to suggest that the applicants would jump bail if granted same as they voluntary handed themselves over to the EFCC and that their passport is still with the State Security Service (SSS).
However, he held that the accused persons fail to convince the court that their medical condition was serious enough to grant them bail, according to him there was nothing to suggest that the medical facilities in the prison could not take care of their condition.
The judge held that: "it is not the duty of the court to refused bail as punishment; I therefore held that these applications succeed."
He then adjourned the case to 14, 15 and 16 of December for commencement of trial.
The EFCC in opposing the bail applications through its counsel, Mr. Kenny Phinherio (SAN) urged the court to discountenance the application, alleging that the accused persons would interfere with prosecution witnesses if released on bail.
He enjoined the court to consider the gravity of the offences levelled against the accused persons, saying they were mortal since they had 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, counsel 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 would be in the interest of justice and fair hearing.
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 said if the court to refuses the bail application of the accused, it would amount to a 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.
Trial of the former bank chiefs was fixed for December 14, 15 and 16.
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