THE sacked Managing Director of Bank PHB, Mr. Francis Atuche, is in for more troubles as the Economic and Financial Crimes Commission (EFCC) discovered another N14 billion fraud allegedly perpetrated by him.

According to EFCC investigation, the sacked managing director was said to have given two subsidiaries of the bank, the Bank PHB Assets Management Limited and Platinum Capital Limited, loan facilities of N14 billion.

The two companies, upon further investigation, said to be owned by the sacked managing director and not the bank, as they made the people and staff to believe.

As if that was not enough, about 20 staff of Bank PHB were said to have been seconded to the two companies, while the bank was still paying their salaries.

In the course of investigation, the Nigerian Tribune gathered that the EFCC discovered that the two companies were owned by Atuche and not the bank, using the bank’s money to pay the staff working in his private companies.

When contacted on the development, the EFCC’s Head, Media and Publicity, Mr. Femi Babafemi said “I have an idea of what you are talking about, but not the details yet.”

Atuche, one of the five bank chiefs recently sacked by the CBN, was arrested by the commission’s operatives last Friday and has been in custody since.

He has applied to the EFCC to grant him bail or charge him to court rather than detaining him perpetually.

But the EFCC, which took two of the bank chiefs – Atuche and Spring Bank’s ex-Managing Director, Charles Enehola Ojo – to court was given the leave by the court to detain them in its custody until November 3, 2009.

http://www.tribune.com.ng/23102009/news/news3.html

Wonders shall never end in this bank bruhaha!!!!!1

and these idiots could not give youth education loan to study abroad

Na waoh! when will this sad development end?

They should all rot in jail

The more you look; the less you see

tell me why the mass wont do yahoo yahoo. when a Bank PHB MD is stealing 14 billion Naira no be cedi

Are these monies not supposed to be shareholders fund?

Thank God for Sanusi!

It is almost impossible for PHB Asset Mgt and PHB capital to belong to Atuche.It is PHB's property.It can never be his private company.Most of these banks have property and stockbroking arms and employees are "poached" to different arms to garner or diversify knowledge.

Tribune and EFCC must have goofed on this,

This is the case of a born criminal

Atuche really had some stuff up his sleeves!

These men are bad strategist!

The punishment should also affect their children. That is wickedness.

There is more to this.

Still the same story. A typical Nigerian is not trust worthy. Only God can save us frm these evil men.