Metro
Atuche gets breather in N25.7bn fraud case
A High Court in Ikeja, Lagos on Monday dismissed the N25.7billion criminal charge against the former Managing Director of Bank PHB, Mr. Francis Atuche, and others, by the EFCC.
Others also set free were Atuche’s wife, Elizabeth and a former Chief Financial Officer of Bank PHB, Mr. Ugo Anyanwu, who were being prosecuted for allegedly stealing N25.7 billion from the bank.
Justice Lateef Lawal-Akapo, in his ruling, said the EFCC erred when it filed the case before the State High Court rather than the Federal High Court.
The court held that it is duty bound to comply with the decisions of Court of Appeal in the appeal of Okey Nwosu and Erastus Akingbola.
The judge noted that though the prosecution, in its submission, was right to say that count one to ten of the charge was anchored on stealing which falls within the purview of State High Court, the judge however maintained that the prosecution did not make any submission to as whether count 11 to 27 have any nexus with shares and stocks.
“The case on all, falls with Okey Nwosu’s case. Count one to ten is within the armbit of the Criminal Laws of Lagos State because it deals with stealing. Counsel to the Commission did not make any submission as to whether count 11 to 27 have any nexus with shares and stocks. The criminal charge is hereby struck out and the accused persons are hereby discharged. ” the judge ruled.
Ripples… without borders, without fears
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
INVESTIGATION: In Kwara, multimillion-naira milk processing plant is abandoned, converted to a chicken outlet
After the government spent millions of naira to establish a milk processing plant in Kwara State that would provided jobs...
SPECIAL REPORT: For Sokoto communities, promise of healthcare is akin to death sentence
In this story, ABDULRASHEED HAMMAD delves into the dire realities of Primary Health Care services in Sokoto State, shedding light...
ICYMI…SPECIAL REPORT: NNPCL hides behind PIA to frustrate disclosure, accountability
Nigeria’s major oil company, Nigerian National Petroleum Corporation Limited (NNPCL), in what appears to be a common practice of disregard...
INVESTIGATION: Multi-million naira Ekiti resort center remains uncompleted a decade after
The multimillion-naira project, expected to comprise recreational buildings, now consists of cassava farmland, a bush used for excretion, and a...
SPECIAL REPORT: Torturous experiences of students with disabilities in Oyo tertiary institutions
For students with disabilities in Oyo state-owned tertiary institutions, learning is a torturous and distressing experience, considering the building structures...