22nd June, 2015
Henry Ojelu
A Lagos High Court sitting in Ikeja today struck out the N25.7billion theft charge filed against former Managing Director of defunct Bank PHB, Francis Atuche.
Atuche, his wife, Elizabeth and a former Chief Financial Officer of Bank PHB, Mr. Ugo Anyanwu, were being prosecuted by the EFCC for allegedly stealing N25.7 billion from the bank.
Ruling on an application filed by the defendant seeking to quash the allegation, Justice Lawal Akapo today struck out all the charges on the ground that the State High Court does not have jurisdiction to entertain the matter.
Atuche had filed an application asking the court to quash the charge, arguing that like Okey Nwosu’s case, the state high court had no jurisdiction to entertain the matter.
The court relied on an earlier ruling delivered by a Court of Appeal in November 21, 2013 judgment striking out the theft charges preferred against a former Managing Director of Finbank Plc, Mr. Okey Nwosu and others for lack of jurisdiction
The judge agreed that the lower court is bound to followed the ruling of a higher court in the matter and promptly discharged the defendants.
Atuche’s while arguing his application for the court to quash the charges against him, had solely relied on the Appeal Court’s decision and a similar one which also discharged former Managing Director of Intercontinental Bank, Erastus Akingbola.
Counsel to Atuche, Mr. Tayo Oyetibo (SAN), had maintained that the cases were similar because they emanated from capital market transactions.
Oyetibo said the charges against Atuche bordered on issues which derived from capital market transactions, over which he said only a Federal High Court could adjudicate.
The counsel pointed the attention of the court to the decision of the Court of Appeal, which, on November 21, 2014, struck out the theft charges levelled against a former Managing Director of Finbank Plc, Mr. Okey Nwosu and others.
But Adesina said the EFCC had filed an appeal against the judgment at the Supreme Court, adding that the matter has being granted expeditious hearing due to its importance.
Justice Lawal-Akapo noted that the judicial practice directive was to give priority to high-profile matters.
The judge said nobody could predict the time the Supreme Court would arrive at its verdict in the said appeal.
Atuche’s lead counsel, Chief Anthony Idigbe (SAN) had asked the court to dismiss EFCC’s application on the ground that the court cannot engage in speculation as to what the decision of the Supreme Court will be on EFCC’s appeal on Okey Nwosu’s judgment.
Idigbe argued that Atuche’s application is challenging the jurisdiction of court and court granting EFCC application will amount to it already assuming jurisdiction on the matter.
He explained that the faith of his clients cannot and should not be tied to the Okey Nwosu’s judgment appeal at the Supreme Court and urged the court to dismiss the application.
In September 2014, Atuche denied the theft charge preferred against him by the Economic and Financial Crimes Commission (EFCC).
The former bank chief had said that he could not engage in theft as a member of Catholic faith.
He also told the court how he grew a mortgage finance company — Pinnacle Investment Ltd — and transformed it into Platinum Bank Plc.
Atuche said the bank had to merge with Habib Bank following the mandatory N25 billion recapitalisation policy of the Central Bank of Nigeria under the former Governor, Prof. Charles Soludo.
According to him, the merger gave birth to Bank PHB which became one of the strongest banks in Nigeria while he was the Chief Executive Officer.
More to follow…