Source: Patience Akpuru, Daily Champion, 15 December, 2009

The Economic and Financial Crimes Commission (EFCC) yesterday slammed additional 19- count charge on the former managing directors of BankPHB and Spring Bank, Mr. Francis Atuche and Mr. Charles Ojo. They were arraigned by the EFCC in October on a 26-count charge of allegedly granting N78.384 billion unsecured credit facilities. They were however, granted bail by the presiding judge, Justice Akinjide Ajakaiye in the sum of N50 million each.

Incidentally, Ojo who shared only two charges with Atuche in the 26-count charge was not charged as the immediate past chief executive officer of Spring Bank, but as a former executive director of Bank PHB. At the resumed hearing yesterday, counsel to the EFCC, Mr. Kemi Pinheiro, told the court that the agency has increased the charge against the accused persons from 26 to 45.

Meanwhile, counsel to the accused persons led by Chief Anthony Idigbe had objected to having the new charges read to them, saying that they were served in court that morning and would need time to study the charges so as to advise their clients properly.

Justice Ajakaiye adjourned the matter to January 11, 2010 for Atuche and Ojo to take their plea to the new charge. Daily Champion recalls that in ruling on their bail applications, the judge had identified one issue for determination which was whether or not enough materials had been placed before the court.

Justice Akinjide said pre-trial bail applications were usually granted except where there were compelling reasons for the court to do the contrary. On whether the applicants would influence the witnesses as argued by the EFCC, the judge said this might not be possible, because the accused had been removed from office, saying the loyalty of an employee ought to be to the company and not to an individual.

The judge also said there was nothing in the prosecution’s counter-affidavit to suggest that the applicants would jump bail if granted. He thereafter granted the accused bail in the sum of N50million with one surety each.

Nigerian Bank Nigeria Bank PHB Plc, CBN Central Bank Of Nigeria, Spring Bank Plc

Source Daily Champion: Patience Akpuru, 15th Decenber 2009

The Economic and Financial Crimes Commission (EFCC) yesterday slammed additional 19- count charge on the former managing directors of BankPHB and Spring Bank, Mr. Francis Atuche and Mr. Charles Ojo.

They were arraigned by the EFCC in October on a 26-count charge of allegedly granting N78.384 billion unsecured credit facilities. They were however, granted bail by the presiding judge, Justice Akinjide Ajakaiye in the sum of N50 million each.

Incidentally, Ojo who shared only two charges with Atuche in the 26-count charge was not charged as the immediate past chief executive officer of Spring Bank, but as a former executive director of Bank PHB.

At the resumed hearing yesterday, counsel to the EFCC, Mr. Kemi Pinheiro, told the court that the agency has increased the charge against the accused persons from 26 to 45.

Meanwhile, counsel to the accused persons led by Chief Anthony Idigbe had objected to having the new charges read to them, saying that they were served in court that morning and would need time to study the charges so as to advise their clients properly.

Justice Ajakaiye adjourned the matter to January 11, 2010 for Atuche and Ojo to take their plea to the new charge.

Daily Champion recalls that in ruling on their bail applications, the judge had identified one issue for determination which was whether or not enough materials had been placed before the court.

Justice Akinjide said pre-trial bail applications were usually granted except where there were compelling reasons for the court to do the contrary.

On whether the applicants would influence the witnesses as argued by the EFCC, the judge said this might not be possible, because the accused had been removed from office, saying the loyalty of an employee ought to be to the company and not to an individual.

The judge also said there was nothing in the prosecution’s counter-affidavit to suggest that the applicants would jump bail if granted. He thereafter granted the accused bail in the sum of N50million with one surety each.

Nigerian Bank Nigeria Bank PHB Plc, Spring Bank Plc