Tuesday, May 24, 2022
More

    Latest Posts

    Singer 2Baba visits late Sound Sultan’s grave

    Nigerian music icon, Innocent Idibia, popularly known as 2Baba, has paid a visit to the grave site of his late colleague, Sound Sultan. In the...

    Ireti Doyle slams Niyi Akinmolayan over tweet tackling ‘Influencer Actors’

    The veteran actress reacted to tweets made by 'Chief Daddy' director, Niyi Akinmolayan where he tackled actors and critics demanding for challenging roles in...

    Why National Assembly frowns on corruption – Lawan

    The President of the Senate, Ahmad Lawan, has assured the judiciary that the National Assembly is determined to provide any possible support to enable...

    Blasphemy: Ex-IGP son’s partner files for full custody of child

    Irene Nwachukwu, the mother of the child of Jamil Abubakar, has filed for the sole custody of their son over the father’s “extreme religious...

    Bank PHB ex-MD Atuche jailed 12 years for N25.7bn fraud

    Justice Lateefa Okunnu of the Lagos State High Court, Ikeja, has sentenced a former Managing Director of defunct Bank PHB Plc, Francis Atuche, to 12 years’ imprisonment for N25.7bn fraud in the bank.

    The bank’s former Chief Financial Officer, Ugo Anyanwu, was sentenced to 10 years’ imprisonment for stealing and conspiracy to steal, while Atuche’s wife, Elizabeth, was discharged and acquitted.

    In sentencing the pair, the judge upheld the arguments of Kemi Pinheiro (SAN), who prosecuted the case on behalf of the Economic and Financial Crimes Commission with the fiat of the Attorney-General of the Federation, Abubakar Malami (SAN).

    Recall that the EFCC had in 2011 arraigned the defendants before Justice Okunnu over the N25.7bn fraud.

    However, Atuche and the co-defendants approached the Lagos State Court of Appeal, after about three years, to challenge their trial by the lower court for lack of jurisdiction.

    In a judgment delivered in September 2016, the Lagos State Court of Appeal ordered Justice Okunnu off the trial but did not quash the charges against the defendants.

    The EFCC then approached the Supreme Court to set aside the decision of the appellate court and order trial in the matter.

    After listening to the EFCC’s counsel, the apex court directed that the case be returned to Justice Okunnu for continuation of trial.

    Atuche and his wife returned to Justice Okunnu with Pinheiro opposing Atuche’s contention that the funds in dispute were loaned, not stolen.

    But the judge agreed with Pinheiro and held that since the money belonged to the bank, it was capable of being stolen.

    Okunnu further stated, “The first defendant confirmed the bank’s ownership of the money when he said the bank in lending money makes profit.

    “I am persuaded by the statement of Pat Utomi that ‘the bank still has control over money that’s left in its coffers, no matter who uses it’.

    “Helen Eriyo, who is the account officer of Petosan, being unaware of the loans granted, lends credit to the testimony of Mr Ololo that he was not aware of the loan.”

    Okunnu mentioned that since the alter egos and true directing mind of the companies knew nothing about the loans, the loans indeed were a hoax.

    “Counts 2, 4, 6, 8 and 10 have been established. The first and third defendants did not debunk the evidence of the prosecution that the loans were used to purchase shares. They rather contended that the monies granted as loan could be used for whatever purposes,” Okunnu stated.

    She subsequently sentenced Atuche and Anyanwu, while Atuche’s wife was acquitted.

    Latest Posts

    Singer 2Baba visits late Sound Sultan’s grave

    Nigerian music icon, Innocent Idibia, popularly known as 2Baba, has paid a visit to the grave site of his late colleague, Sound Sultan. In the...

    Ireti Doyle slams Niyi Akinmolayan over tweet tackling ‘Influencer Actors’

    The veteran actress reacted to tweets made by 'Chief Daddy' director, Niyi Akinmolayan where he tackled actors and critics demanding for challenging roles in...

    Why National Assembly frowns on corruption – Lawan

    The President of the Senate, Ahmad Lawan, has assured the judiciary that the National Assembly is determined to provide any possible support to enable...

    Blasphemy: Ex-IGP son’s partner files for full custody of child

    Irene Nwachukwu, the mother of the child of Jamil Abubakar, has filed for the sole custody of their son over the father’s “extreme religious...

    Don't Miss

    Ministers’ exit: Buhari bows to pressure, APC panel may demand resignation letters

    There are strong indications that members of the Federal Executive Council who have declared their intention to contest the 2023 presidential election...

    Jonathan not yet our member, says Bayelsa APC chairman

    The Bayelsa State chairman of the All Progressives Congress, Dennis Otiotio, has said that the former President, Goodluck Jonathan, is officially not...

    Fuel queues: 300 tankers to hit Abuja Wednesday says NNPC

    The Group Managing Director of the NNPC, Mele Kyari, who spoke to journalists on the current fuel scarcity in the nation’s capital...

    EndSARS: Osun to compensate victims of police brutality

    Osun State Governor, Gboyega Oyetola, would, on Thursday, May 12, pay compensation to victims of police brutality in the state.

    Actress Genevieve Nnaji returns to Instagram amid rumoured mental illness

    Nollywood actress, Genevieve Nnaji, on Wednesday returned to Instagram as she shared a video of herself, where she was painting on a...

    Stay in touch

    To be updated with all the latest news, offers and special announcements.