Justice Saliu Saidu of a Lagos Federal High Court, had adjourned for mention the criminal charge filed by the Economic and Financial Crimes Commission, EFCC, against the former managing director of Bank PHB, now Keystome Bank Plc, Mr. Francis Atuche, and the former managing director of the defunct Spring Bank Plc, Charles Ojo, till February 16, 2016.
The two former bank managing directors are standing trial before the court on an amended 45-count charge bordering on alleged one hundred and twenty five billion naira fraud, conspiracy, reckless granting and approval of loans and money laundry between September 1, 2006 and 2009.
But they had pleaded not guilty to all the 45, and they are currently on bail.
It would be recalled that at the last adjourned date, their trial was stalled on the ground that there could be likely transfer of judges, consequently, the matter adjourned till Thursday for trial.
It would also be recalled that Atuche and some of his aides were recently discharged on another alleged fraud leveled against them by the anti-graft agency, the Economic and Financial Crimes Commission, EFCC, by an Ikeja High Court of Lagos state.
The two accused person were re-arraigned before the court by the EFCC on charges of acquiring Keystone Bank's shares using depositors' funds.
The alleged offences according to the anti-graft agency, contravene Section 14(1) of the Money Laundering (Prohibition) Act and Section 516 of the Criminal Code Act Cap 38, Laws of the Federation of Nigeria 2004. While offence of reckless granting of loans contravene Section 7(1)(b) of the Advance Fee Fraud and other Fraud Related Offences Act and punishable under section 7(2)(b).
The anti-graft agency also accused Atuche of applying N3.5billion being proceeds of unlawful loans granted to Tradjek Nigeria Limited, a subsidiary of Futureview Financial Services Ltd, in payment for his acquisition of shares of Bank PHB using various companies as fronts with an intention to conceal the ownership of the loans. Adding that he collaborated with different companies to conceal the genuine origins of the N3.5billion used to acquire the bank's shares.
At the hearing of the case, the EFCC lawyer, Mr. Kemi Pinheiro, SAN, had asked the court for a date for trial of the two accused persons.
The two accused persons through their lawyer, Mr. Osahon Idemudia did not opposed the application for trial date made by the EFCC counsel.
But the matter suffered a setback due to uncertainty of the transfer of the Federal High Court judges.
At the resumed hearings of the matter on Thursday, Mr. Kemi Pinheiro informed the court that they are in court to know the next direction on the matter.
He therefore urged the court for a date for mention and for trial of the accused persons.
Consequently, Justice Saidu adjourned the case till February 16, for mention, while the accused persons trial was fixed for March 22 and 23, 2016.
The two former bank managing directors are standing trial before the court on an amended 45-count charge bordering on alleged one hundred and twenty five billion naira fraud, conspiracy, reckless granting and approval of loans and money laundry between September 1, 2006 and 2009.
But they had pleaded not guilty to all the 45, and they are currently on bail.
It would be recalled that at the last adjourned date, their trial was stalled on the ground that there could be likely transfer of judges, consequently, the matter adjourned till Thursday for trial.
It would also be recalled that Atuche and some of his aides were recently discharged on another alleged fraud leveled against them by the anti-graft agency, the Economic and Financial Crimes Commission, EFCC, by an Ikeja High Court of Lagos state.
The two accused person were re-arraigned before the court by the EFCC on charges of acquiring Keystone Bank's shares using depositors' funds.
The alleged offences according to the anti-graft agency, contravene Section 14(1) of the Money Laundering (Prohibition) Act and Section 516 of the Criminal Code Act Cap 38, Laws of the Federation of Nigeria 2004. While offence of reckless granting of loans contravene Section 7(1)(b) of the Advance Fee Fraud and other Fraud Related Offences Act and punishable under section 7(2)(b).
The anti-graft agency also accused Atuche of applying N3.5billion being proceeds of unlawful loans granted to Tradjek Nigeria Limited, a subsidiary of Futureview Financial Services Ltd, in payment for his acquisition of shares of Bank PHB using various companies as fronts with an intention to conceal the ownership of the loans. Adding that he collaborated with different companies to conceal the genuine origins of the N3.5billion used to acquire the bank's shares.
At the hearing of the case, the EFCC lawyer, Mr. Kemi Pinheiro, SAN, had asked the court for a date for trial of the two accused persons.
The two accused persons through their lawyer, Mr. Osahon Idemudia did not opposed the application for trial date made by the EFCC counsel.
But the matter suffered a setback due to uncertainty of the transfer of the Federal High Court judges.
At the resumed hearings of the matter on Thursday, Mr. Kemi Pinheiro informed the court that they are in court to know the next direction on the matter.
He therefore urged the court for a date for mention and for trial of the accused persons.
Consequently, Justice Saidu adjourned the case till February 16, for mention, while the accused persons trial was fixed for March 22 and 23, 2016.
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