Former Managing Director of Bank PHB, Francis Atuche, who was taken to court was on Monday, June 22, 2015 acquitted of the N25.7 billion fraud case brought against him by the Economic and Financial Crimes Commission (EFCC).
Justice Lateef Lawal-Akapo in his ruling said that the EFCC failed to produce any points to prove that 17 of the 27 count charge were connected to shares and stock, adding that the other 10 charges were relating to stealing and as such, should be referred to the state high courts.
He said: “Count one to ten is within the ambit of the Criminal Laws of Lagos State because it deals with stealing.
“Counsel to the Commission did not make any submission as to whether count 11 to 27 have any nexus with shares and stocks. The criminal charge is hereby struck out and the accused persons are hereby discharged.”
Atuche had filed for the judge to throw out the case after a similar case what thrown quashed in favour of Okey Nwosu, the former boss of the now defunct Finbank by the Court of Appeal.
The judge continued: “The emphasis in this case should not be based on speculation but should be based on accelerated hearing in compliance with the ruling of the Court of Appeal, Lagos Division.
“Suppose this court rules sine die, the decision will be antagonistic to the decision of the Court of Appeal. I find no merit in the application and the application is hereby dismissed.”
