N27b Scam: Court Says Atuche, Former MD Bank PHB Have A Case To Answer

Justice Lateefat Okunnu of a Lagos High Court Monday ruled that a former Managing Director of Bank PHB Plc, now Keystone Bank Limited, Mr. Francis Atuche, his wife, Elizabeth and his associate, Mr. Ugo Anyanwu who are facing trial over a N27 billion scam have a case to answer and should be ready to open their defence.

Justice Okunnu who held that “a prima facie case has been established by the Economic and Financial Crimes Commission (EFCC) against the defendants” adjourned the case to July 17 for hearing.



She had earlier on dismissed the two applications brought before the court by the 1st, 2nd and 3rd defendants and asked them to open their case.

According to Justice Okunnu, " a question we need to ask is, has enough evidence been said to warrant an explanation from each of the defendants?”, stressing that the 27-count charge against the defendants emphasized that they all fraudulently converted bank's money for personal use.

She further held “the prosecution has enough evidence before me, about 12 witnesses have been called, and 272 exhibits have been presented before the court by the prosecution.”

In addition,  Okunnu declared that evidence have been presented by the prosecution that huge sums of money was stolen through former Bank PHB and that all the stolen funds were diverted by  the first defendant, Mr Atuche for his personal use.