SPECIAL REPORT: Banker Francis Atuche's long walk to prison

The EFCC said all the offences were committed between April and September 2008.

In their defence, the defendants adduced 16 reasons why the charges against them should be quashed. They told the judge that the EFCC had filed a similar charge at the Federal High Court in Lagos. They also told the judge to restrain the anti-graft from preferring new charges against them because being the creation of a federal legislation, the EFCC has no right to prosecute them under the Lagos State Criminal Code.

The judge granted Mr Atuche a N150 million bail with two sureties, in like sum, who must be gainfully employed and resident in Lagos, and one of them must be a member of the Board of Directors of a bank or other reputable firm, with its head office either in Lagos or Abuja. Mr Atuche’s trial before Justice Okunnu began on July 6, 2011, after the judge dismissed the defence lawyer’s application for a stay of proceedings.

The next prosecution witness, Ifetayo Obi, told the court she was instructed by Mr Anyanwu, the third defendant, to transfer over N10 billion to Futureview Securities, Falcons Securities, and other accounts. She said the transfer was made without the traditional “customer instruction.” In her testimony, Phillipa Ulasi, a former chief credit officer of Bank PHB, said Mr Atuche granted N14.3 billion loans to some companies without the approval of the bank’s board. According to the EFCC, the Bank PHB boss had granted loans to Futureview Securities , Extra Oil Ltd , Trajeck Ltd , Resolution Trust and Investment Ltd , and Petosan Oil and Gas Limited .

When trial resumed in September, the EFCC presented documents that appeared to show Mr Atuche releasing N35 million and N10 million as tithes to St. Monica Catholic Church, Ibusa, and St. Augustine Catholic Church, both in the bank chief’s native Delta State. The trial was, however, stalled for weeks after Bolaji Ogunsola, the witness who allegedly made the claim, said he received death threats from people in Delta State.

Sylva Ogwuemor, counsel for Mr Anyanwu, also told the court to discharge his client because there was no sufficient evidence to warrant him standing trial.

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