The Economic and Financial Crimes Commission (EFCC) yesterday in Lagos arraigned Francis Atuche and Charles Ojo both former managing directors of Bank PHB plc and Spring Bank plc respectively. They were arraigned at the Federal High Court, Ikoyi, Lagos presided over by Justice Akinjide Ajakaiye on 26 count charges relating to mismanagement andmisappropriation of shareholders funds through reckless grants of credit facilities without adequate security, revealed by the recently concluded audit exercise of the Central Bank of Nigeria (CBN).

Of the 26 count charges, Ojo has only two charges- Counts 1 and 2 - linked to him. The EFCC prosecution team was led by Muslim Hassan, while Tony Idigbe led the team of counsels to the first accused person - Atuche. Mike Ozekhome led the team of counsels to Ojo, the second accused. Both Atuche and Ojo are to remain in EFCC custody till Tuesday, November 3, 2009 when their bail application will be decided.

Amongst the charges, count 1 of the charges stated that “Francis Atuche whilst being the managing director and chief executive officer of Bank PHB plc and Charles Ojo while being the executive director of Bank PHB plc on or about the 30 June, 2009, within the jurisdiction of this Court were connected with the grant of credit facility in the total sum of N5 billion to PHB Asset Management Limited a company in which Francis Atuche and Charles Ojo are directors with no security contrary to accepted practice and you thereby committed an offence contrary to Section 15(1) (a) of the Failed Banks (Recovery of Debts) and Financial Malpractices in Banks Act Cap F2, Laws of the Federation of Nigeria, 2004 and punishable under section 16(1) of the same Act.” 

Count two states “that you Francis Atuche whilst being the managing director and chief executive officer of Bank PHB plc and Charles Ojo whilst being the executive director of Bank PHB plc on or about 30 June, 2009, were connected with[b] the grant of credit facility in the total of N7 billion to Platinum Capital Limited, a company in which Francis Atuche and Charles Ojo are directors with no security contrary to accepted practice and you thereby committed an offence contrary to section 15(1) (a) of the Failed Banks (Recovery of Debts) and Financial Malpractices in Bank Act Cap F2, Laws of the Federation of Nigeria, 2004 and punishable under section 16(1) of the same Act.”[/b] Tony Idigbe, counsel to Atuche, said that they have application for bail which has also served been the EFCC prosecution team.

In count three of the charges, Atuche as managing director and CEO of Bank PHB plc and others (now at large) on or about the 1 November, 2007 were said to have granted credit facility in the sum of N4 billion to Petosan Oil and Gas Limited without adequate security contrary to bank regulations.

The former bank MD who was also the former Chief Executive officer (CEO) of BankPHB Plc was further alleged to have granted credit facilities in the total sum of N21.5 billion to the six companies which sum was above his approval limit as laid down by the regulations of BankPHB Plc.      
He was accused to have without prior approval of the CBN acquired share capital of Project Alpha United Kingdom, PHB Capital Trust Limited and Insurance PHB Limited in the total sum of N1. 380 billion thereby committing an offence contrary to Section 21(2) of BOFIA Cap B3, laws of Nigeria 2004. 

http://www.businessdayonline.com/index.php?option=com_content&view=article&id=6258:efcc-arraigns-atuche-ojo-over-n1133bn-fraud&catid=1:latest-news&Itemid=18

And on and on and on!!

One by one, these tiefs go pay for their crimes and people like naijaking go hide in shame.