Nigerian Bank Nigeria Bank PHB Plc – N65bn Fraud Ojo Wants Court To Strike Out Charge

Source Punch: Tony Amokeodo, 14 February 2010

Former Managing Director of Spring Bank Plc, Charles Ojo, has urged a Federal High Court in Lagos to quash the charge of alleged financial misconduct preferred against him by the Economic and Financial Crimes Commission

The EFCC is prosecuting Ojo alongside with the former Chief Executive Officer of Bank PHB Plc, Francis Atuche, on a 45-count charge of alleged financial misconduct of about N65bn.

Ojo, who was named in four of the 45-count charge with Atuche, was however charged as the former director of BankPHB and not in his capacity as the ex- MD of Spring Bank.

At the resumed hearing of the case before Justice Akinjide Ajakaiye on Friday, lawyer to Ojo, Chief Mike Ozekhome, told the court that the proof of evidence filed by the EFCC did not disclose any offense against his client. He urged the court to dismiss the case and discharge his client accordingly

Ozekhome also informed the court that the four counts levelled against his client could not be proved beyond reasonable doubt, as he argued that the two offer letters of credit mentioned in it were not signed by Ojo.

According to Ozekhome, there is no nexus connecting his client to the transactions mentioned in the charge, insisting that at the material time, Ojo was not an executive director of the bank.

He also claimed that since there were offer letters, acceptance letters ought to have been put in place just as he argued that for a contract to be consummated there must be an offer and acceptance letters.

Ozekhome further accused the EFCC of suppressing facts and documents that would have helped the court to determine the charge against his client, adding that since he had seen the necessary documents he could not fold his hands and not allow the court to see the documents.

Ojo‘s lawyer further cited Section 338 of the Companies and Allied Matters and argued that since the loan was allegedly made to a subsidiary of Bank PHB (Platinum Capital), the money under this section of CAMA was deemed to be retained with the parent company.

But the EFCC‘s lawyer, Mr. Dele Adesina (SAN), had in his response, urged the court to dismiss the application.
He added that the application was totally misconceived, saying that it was basically grounded on the proof of evidence filed by prosecution.

According to Adesina, criminal trials before the Federal High Court are usually tried summarily. He added that at this stage of the case that what the court should concern itself was whether or not the accused was in any way linked to the charge and not whether or not the proof of evidence disclosed any offense against him.

The senior advocate urged the court to dismiss the application and allow the case to proceed to trial where the second accused person would have a full opportunity to prove his innocence to the court.

He also argued that Ojo‘s claim that he was not an executive director of the bank at the time was baseless, as he could even be tried if he was merely an employee of the bank.

Adesina told the court that Ojo could not deny the fact that at the time when the loan was allegedly granted that he was also the Head, Investment Banking at Platinum Capital, who was the beneficiary of the loan.

But the EFCC‘s bid to re-arraign the accused at the last adjourned date on an amended 45-count charge could not materialize, as Atuche raised objections to the whole charge and its amendment.

In his preliminary objection argued by his lawyer, Chief Anthony Idigbe (SAN), Atuche claimed that there were prejudicial attempts by the EFCC and the Central Bank of Nigeria and urged the court in another application to dismiss the entire proceedings of the case on the grounds that he was no longer confident of getting a fair trial from the court.

The case has been adjourned till March 23 for ruling on the applications.

Nigerian Bank Nigeria Bank PHB Plc, Spring Bank Plc