A former presidential candidate and renowned political economist, Professor Pat Utomi, yesterday, told a Lagos High Court sitting in Ikeja that his presidential election campaign between 2006 and 2007, was not funded by loans from Bank PHB.
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Utomi, who is a former Vice Chairman of Bank PHB Corporate Governance Committee, told Justice Lateefat Okunnu of an Ikeja High Court that the total sum of his campaign expenditure was N30 million against the N2 billion being suggested by the prosecution.
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The EFCC counsel, Mr. Kemi Pinheiro, SAN, had suggested that Utomi's campaign was funded by the bank while cross-examining Utomi on the testimony he had earlier given at the on-going trial of the former Managing Director of the bank, Francis Atuche, his wife, Elizabeth and the bank's. former Chief Operating Officer, Ugo Anyanwu over alleged theft of the bank's N27.5 billion.
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The prosecution had alleged that the bank had advanced a N2 billion credit facility to Baywood Continental Limited, a company whose board was chaired by Utomi.