– The EFCC has re-arraigned two former bank chiefs on Tuesday, February 14

– The bank chiefs are being accused of involvement in a N125 billion fraud

– The case was adjourned to February 22, 2017

Francis Atuche/File Photo

Francis Atuche/File Photo

On Tuesday, February 14, the Economic and Financial Crimes Commission( EFCC), once again arraigned Francis Atuche, a former managing director of Bank PHB, before a Federal High Court in Lagos.

Also, Charles Ojo, a former managing director of Spring Bank, on an amended 45-count charge of N125 billion fraud.

The re-arraignment was necessary, because the case was transferred from Justice Saliu Saidu, who was handling the case to Justice A.O. Faji.

The accused men pleaded not guilty before Justice A.O Faji, and they were allowed to continue on their earlier bail conditions.

It is important to recall that the accused men were initially arraigned in 2009 before Justice Akinjide Ajakaiye, who granted them bail in the sum of N50 million each with two sureties each in like sum.

Then, they were later arraigned before Justice Binta Murtala-Nyako on February 3, 2012, and once again re-arraigned before Justice Rita Ofili-Ajumogobia on January 16, 2013, following the transfer of Murtala-Nyako.

Both judges had adopted the bail terms granted by Mr. Ajakaiye.

The EFCC accused the two former bank chiefs of granting credit facilities, manipulating shares and committing general banking fraud to the tune of N125 billion.

The alleged offences contravene the provisions of Section 7(2) (b) of the Advanced Fee Fraud Act, 2004, and Section 15(1) of the Failed Banks (Recovery of debts) and Financial Malpractices in Banks Act, 2004.

Meanwhile, Nyame, who is being prosecuted by the EFCC on charges of money laundering and embezzlement to the tune of N1.6 Billion, saw his no-case submission before the FCT High Court kicked out by presideing judge Justice Adebukola Banjoko on Tuesday, February 14.