A Lagos High Court has dismissed the N25.7billion fraud charge preferred against the former Managing Director of Bank PHB, Mr. Francis Atuche, and others.
The court presided by Justice Lateef Lawal-Akapo, sitting in Ikeja on Monday freed the former BankPHP boss alongside his wife, Elizabeth and a former Chief Financial Officer of Bank PHB, Mr. Ugo Anyanwu.
The trio have since 2009 been facing the Economic Financial Crimes Commission (EFCC) prosecution for allegedly stealing N25.7 billion from the bank.
Bank PHB was one of the banks taken over by the Central Bank of Nigeria in 2009 after failing the regulators stress test as a result of massive erosion of the bank’s capital. it was later renamed Keystone bank by the CBN.
Justice Lawal-Akapo, in his judgement, held that it is duty bound to comply with the decisions of Court of Appeal in the appeal of Okey Nwosu and Erastus Akingbola.
The judge, while noting that the prosecution was right in its submission to say that count one to ten of the charge was anchored on stealing which falls within the purview of State High Court, said that the prosecution did not make any submission to as whether count 11 to 27 have any nexus with shares and stocks. “The case on all, falls with Okey Nwosu’s case.
Count one to ten is within the armbit of the Criminal Laws of Lagos State because it deals with stealing. Counsel to the Commission did not make any submission to as whether count 11 to 27 have any nexus with shares and stocks. The criminal charge is hereby struck out and the accused persons are hereby discharges. ” the judge ruled.
