| Court grants bail to Atuche,
Ojo
By ADESINA AIYEKOTI
Tuesday, November 10,
2009
 |
Photo:
Sun News Publishing |
|
The former managing directors of Bank PHB and Spring Bank, Francis
Atuche and Charles Ojo got a temporary reprieve on Monday as a Federal
High Court granted them bail. Ruling on the bail applications brought
by the accused persons through their counsel, the trial judge, Justice
Akinjide Ajakaiye, said there was no cogent reasons by the prosecuting
counsel to warrant the refusal of the request for bail.
He dismissed the arguments canvassed by the Economic and Financial
Crimes Commission (EFCC) that the accused persons, if granted bail,
would influence the evidence of the prosecution witnesses.
Justice Ajakaiye further ruled that he did not believe the submission
of the prosecuting counsel that the accused would jump bail if granted,
noting that the accused persons reported themselves to the EFCC
before their arraignment in court.
He therefore granted each of them bail in the sum of N50 million
with a surety in the like sum.
Further trial has been fixed for December 14, 15 and 16, 2009. The
accused persons had earlier pleaded not guilty to the charges.
The accused persons were charged before the Federal High Court for
granting over N450 billion “frivolous credit facility without
security.”
The prosecution explained that the credit facilities were granted
without collateral and that the accused persons granted loan beyond
their approval limit.
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