TheCable

A Lagos high court on Monday freed Francis Atuche, former managing director of defunct Bank PHB, of the N25.7 billion criminal charge against him.

The Economic and Financial Crimes Commission (EFCC) had arraigned Atuche, his wife Elizabeth and Ugo Anyanwu, a former chief financial officer of the bank, for stealing the said sum.

Atuche had denied the theft, saying as a devout member of the Catholic Church, he could not indulge in such unwholesome practice.

In his ruling, Lateef Lawal-Akapo, the presiding judge, held that there was no evidence to prove that the accused stole the money.

“The case on all, falls with Okey Nwosu’s case. Count one to ten is within the ambit of the criminal laws of Lagos state because it deals with stealing,” he ruled.

“Counsel to the commission did not make any submission to as whether count 11 to 27 have any nexus with shares and stocks. I find no merit in the application and the application is hereby dismissed.

“The criminal charge is hereby struck out and the accused persons are hereby discharged.”

Atuche had earlier filed an application before Lawal-Akapo, demanding that the charges be set aside, following a favourable ruling by the court of appeal in a similar case concerning one time managing director of former Finbank.

Atuche’s trial dates back to 2009 when the central bank of Nigeria (CBN) under the leadership of Sanusi Lamido declared Bank PHB as distressed.

The EFCC initially declared him wanted over alleged fraud of N56 billion. He was detained for interrogation at the Ikoyi office of the commission and arraigned alongside his wife at the Lagos high court.