Francis Atuche, Former Bank PHB CEO Gets Additional Charges

FRANCIS ATUCHE.

Lagos (THEWILL) - Nigeria’s Economic and Financial Crimes Commission (EFCC) on Monday filed additional charges against the sacked managing director of Bank PHB, Mr. Francis Atuche at a Federal High Court in Lagos.

Atuche and a former director of the bank at the last hearing had urged the court to quash an initial 26-count charge including money laundering and fraud, but when the matter came up for hearing the EFCC had introduced another 19-counts which the court accepted while it threw out Atuche’s application.

Both men now have 45 counts to deal it.

Atuche and another former executive director, Charles Ojo are facing charges for the roles they played in granting loans of about N450 billion naira without any collateral or due process.

They were fired after the bank-wide audit exercise by the Central Bank, which exposed the liquidity problems in some of the banks.

The other former bank bosses that were sacked and facing charges include Cecilia Ibru (Oceanic Bank), Okey Nwosu (Finbank), Bartholomew Ebong (Union Bank), Sebastian Adigwe (Afribank) Ike Oraekwotu (Equitorial Trust Bank) and Erastus Akingbola of Intercontinental Bank, who is currently on the run.

The huge provisions for loan losses in the banking sector worry financial analysts.

The CBN has maintained that it would continue to strengthen the sector.