ZUL-QA’ADAH 22 1430 A.H.
TUESDAY NOVEMBER . 10 2009.
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Court grants bail to 2 former directors of Bank PHB
Justice Akinjide Ajakaiye of the Federal High Court, Lagos, yesterday granted bail to Francis Atuche and Charles Ojo, two former directors of Bank PHB.
The two are facing trial for allegedly granting credit facilities to the tune of more than N80 billion without collateral.
Ajakaiye said there were enough materials before him to rule in favour of their bail application and disagreed with the prosecution that the accused persons would interfere with police investigations if they were granted bail.
He said the Economic and Financial Crimes Commission (EFCC) did not oppose claims by the accused persons that they willingly submitted themselves to it and that their international passports were still with the State Security Service.
``There is nothing in the EFCC's counter-affidavit to show that the accused persons will jump bail,'' he said.
The judge, however, said the accused failed to convince the court to grant bail on medical grounds.
``They did not show that their ailment cannot be treated by the medical team at the prison.
``It is not the duty of the court to refuse bail as a form of punishment. I, therefore, hold that the bail application succeeds,'' he said.
Ajakaiye granted the accused persons bail in the sum of N50 million each with one surety in like sum.
He said the sureties must produce a title document on a property located in either Ikoyi or Victoria Island in Lagos.
