A Lagos High Court in Ikeja has ruled that former Managing Director of the defunct Bank PHB Plc, Mr. Francis Atuche; his wife, Elizabeth; and former Chief Financial Officer of the bank, Mr. Ugo Anyanwu, have case to answer in the theft charges preferred against them.
Justice Lateefat Okunnu, in a ruling on Monday, dismissed the no-case submission filed by the accused persons, seeking to strike out the N25.7bn theft charges.
The judge held that with the testimonies of the 12 prosecution witnesses and 272 exhibits tendered, the Economic and Financial Crimes had adduced sufficient evidence to warrant the accused to open their defence.
Okunnu, who said the court could not at the stage of the trial evaluate all the evidence put before it, however, said all the allegations of the prosecution required explanations by the defendants.
The judge said, "Evidence has been led by the prosecution that these companies do not or are not registered with the Corporate Affairs Commission.
"Evidence has been led that these companies did not apply for the loans granted to them by the bank."
She directed the accused to open their defence, saying available evidence adduced by the EFCC linked them to the 27 counts of theft charges.
She ruled, "All these have been said and they are sufficient, adequate or enough to warrant the explanation of the defendants.
"The two applications before me do not succeed and accordingly dismissed."
Atuche and others were accused of stealing N25.7bn belonging to the bank."
The Punch