ZUL-QA’ADAH 17 1430 A.H.
THURSDAY NOVEMBER . 5 2009.
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Former Bank PHB MD granted 450bn loan without collateral – EFCC
The EFCC said that Mr Francis Atuche, former Managing Director of Bank PHB, and an executive director, Mr Charles Ojo, granted a N450 billion loan without any collateral.
Mr Femi Babafemi, EFCC’s Head of Media and Publicity, said this in a statement given to the News Agency of Nigeria (NAN) on Tuesday in Abuja.
He said that the EFCC made the allegation at the resumed hearing of the Federal High Court in Lagos on the bail applications for the two bank executives.
He said that that the EFCC counsel, Mr Kemi Phinherio (SAN) told the court that the loan was given without any collateral and that Atuche and Ojo acted beyond their approval limits in granting the loan.
NAN reports that Atuche and Ojo were arraigned on a 26-count charge last Wednesday before Justice Akinjide Ajakaiye.
Babafemi said that the EFCC had accused the two of mismanaging depositors’ funds and abusing credit management rules.
He said that they, however, pleaded ``not guilty" to the charges preferred against them.
In the bail application, Atuche’s counsel, Mr Tony Idigbe (SAN), urged the court to ``consider the application in liberal terms because medical reports showed that Atuche is suffering from systematic hypertension and obstructive airway disease.’’
Counsel to Ojo, Mr Mike Osekhome, also prayed the court to consider the bail application in favour of his client because of the constitutional presumption of his innocence.
However, Phinherio spoke against the bail applications, saying that if granted, the suspects could interfere with EFCC investigations and probably influence all the prosecution witnesses.
Babafemi said that Justice Ajakaiye adjourned ruling on the bail applications till Nov. 9, while ordering that the suspects should remain in EFCC custody.
