| Atuche, Ojo granted N450bn loan without security –EFCC tells court
From OUR REPORTER
Wednesday, November 4, 2009
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Photo: Sun News Publishing |
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A Federal High Court sitting in Lagos has heard that the former Managing Directors of Bank PHB and Spring Bank, Francis Atuche and Charles Ojo granted over N450 billion “frivolous credit facility without security.”
Speaking through its lawyer, Kemi Pinherio (SAN), at the continued hearing of the matter in court, the Economic and Financial Crimes Commission explained that the credit facilities were granted without collateral and that the accused granted loan beyond their approval limit.
Atuche and Ojo were arraigned last week before Justice Akinjide Ajakaiye on a total of 26 charges of granting reckless credit facility and mismanagement of depositors’ funds.
According to the Commission, the accused persons committed the offence between November 2007 and June 2009.
While Atuche was alleged to have perpetrated the economic crime in his capacity as the Chief Executive Officer of Bank PHB, Ojo was said to have done so in his capacity as 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.
But the accused had pleaded not guilty to the allegations while their counsels, 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 her husband was suffering obstructive airway disease and systematic hypertension, urging the court to admit the applicant to bail on liberal terms.
The defence also attached a medical report in which one Dr. Olatunbosun Olawale averred that Atuche’s thoracic spine had been complicated by spinal haematoma, which required conservative management.
Arguing the bail application for Ojo, Ozekhome said that his client needed urgent medical attention in view of his failing health condition.
He insisted that for the court to refuse bail for the accused, it would amount to violent 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.
Justice Ajakaiye has fixed November 9 for ruling.
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