Francis Atuche

Justice Saliu Saidu of a Federal High Court in Lagos has adjourned till February 27, 2015 the trial of a former Managing Director of the defunct Bank PHB, Mr. Francis Atuche, charged with N125bn fraud.

Standing trial alongside Atuche is a former Managing Director of the defunct Spring Bank Plc., Mr. Charles Ojo.

The two men were arraigned by the Economic and Financial Crimes Commission on an amended 45-count bordering on conspiracy, reckless granting and approval of loans, and money laundering.

At their resumed trial on Thursday, Ojo’s counsel, Mr. Osahon Idemudia, asked the court for an adjournment to enable him to have a pre-trial conference with his client.

Counsel for the EFCC, Mr. Kemi Pinheiro (SAN), however, raised no objection to the prayer for adjournment.

Consequently, Justice Saidu adjourned the matter till February 27 for mention.

Among other things, Atuche and Ojo were said to have conspired and indeed acquired shares of Keystone Bank Plc using depositors’ funds.

The EFCC specifically accused Atuche of acquiring N3.5bn shares of Bank PHB, using proceeds of unlawful loans granted to Tradjek Nigeria Limited, a subsidiary of Futureview Financial Services Ltd.

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