Supreme Court Okays Trial of Defunct Bank PHB MD, Atuche, wife over Alleged N25.7bn Fraud

  

   The Supreme Court, has gaven the Economic and Financial Crimes Commission, EFCC, the nod to continue the trial of former Managing Director of the defunct Bank PHB Plc, Francis Atuche, and his wife, Elizabeth, over allegation that they stole N25.7 billion belonging to the bank.

   In a unanimous judgment, a five-man panel of justice of the apex court, led by Justice Dattijo Muhammad, voided a Court of Appeal order that directed the Chief Judge of Lagos State to re-assign the case to a new judge.

Justices of the apex court took turns to lambast the appellate court for making an order they described as highly perverse.

   It will be recalled that the EFCC had in 2011, arraigned Atuche, his wife and the then Financial Officer of the moribund Bank PHB Plc now Keystone Bank, Ugo Anyanwu, before Justice Lateefa Okunnu of the Lagos State High Court over the alleged fraud.

   However, following an appeal the defendants filed in 2014 to challenge their trial, the Lagos Division of the Court of Appeal, in a judgment delivered September 2016, ordered Justice Okunnu to hands off the trial. Though the appellate court declined to quash the charges, it, however, directed the Chief Judge of Lagos State to re-assign the case to another judge.