N25.7bn Fraud: EFCC Asks Court to Adjourn Ruling on Atuche’s Application to Quash Case

Former Managing Director of Bank PHB, Mr. Francis Atuche

Akinwale Akintunde

The Economic and Financial Crimes Commission (EFCC) has asked an Ikeja High Court to adjourn its ruling on an application filed by a former Managing Director of Bank PHB, Mr. Francis Atuche, seeking to quash the theft charges preferred against him indefinitely.

In the application dated April 2 filed by its counsel, Mr. Dele Adesina (SAN), before Justice Lateef-Lawal Akapo, the commission urged the court to adjourn the ruling, pending the outcome of its appeal against the Court of Appeal judgment of November 21, 2013 at the Supreme Court.

The appellate court had in the judgment struck out the theft charges preferred against a former Managing Director of Finbank Plc, Mr. Okey Nwosu and others for lack of jurisdiction

Atuche, his wife, Elizabeth and a former Chief Financial Officer of Bank PHB, Mr. Ugo Anyanwu, are being prosecuted by the EFCC for allegedly stealing N25.7 billion from the bank.

The former bank chief had filed an application asking the court to quash the charge, arguing that like Nwosu’s case, the state high court had no jurisdiction to entertain the matter.

His counsel, 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.

“The appellate court held that such capital market-based matter was an exclusive jurisdiction of the Federal High Court,” he added.

Oyetibo also referred the court to the December 31, 2014 judgment of the Court of Appeal, Lagos, in the case of Mr. Erasmus Akingbola against the Federal Republic of Nigeria.

According to him, the appellate court struck out the case against Akingbola, a former Managing Director of Intercontinental Bank Plc, on the same grounds.
The judge had on March 2 fixed Monday for ruling on Atuche’s application but could not deliver the ruling after Adesina informed the court of the EFCC’s pending application.

Adesina said the EFCC had filed an appeal against judgment at the Supreme Court, adding that the matter has being granted expeditious hearing due to its importance.

But 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.

He said judges at the lower court had waited for over two years for the apex court to clarify the ruling given by the Court of Appeal on the Okey Nwosu’s case.

Responding, Oyetibo asked the court to reject the application, arguing that it was aimed at truncating the ruling.

However, after listening to the submissions of both parties, the judge adjourned the matter till April 22 for arguments on the application