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Chief Judge reassigns N125bn alleged fraud case against Atuche, Ojo

By on January 20, 2014

Francis-AtucheThe Chief Judge of the Federal High Court, Justice Ibrahim Auta, on Monday re-assigned the case filed against former Managing Director, defunct bank PHB, Francis Atuche, charged with N125 billion fraud.

The case which was initially before Justice Rita Ofili-Ajumogobia, has now been transferred to Justice Saliu Saidu.

No reason was given for the transfer.

The matter is now scheduled to come up before Justice Saidu on Feb. 20.
The EFCC filed an amended 45-count charge bordering on the alleged offence againt Atuche and the former Managing Director of defunct Spring Bank, Charles Ojo.

The News Agency of Nigeria (NAN) recalls that the accused were re-arraigned before Ofili-Ajumogobia on Nov. 14, 2012, following the retirement of Justice Akinjide Ajakaiye, the first judge.

They had each pleaded not guilty to the charge and were granted bail.

NAN reports that in the charge, the accused were alleged to have granted fraudulent credit facilities, manipulated shares and committed general banking fraud to the tune of over N125 billion.

The offence is said to contravene the provisions of Section 15 of the Failed Banks (Recovery of debts) and Financial Malpractices in Banks Act, 2004.

NAN reports that the prosecution had yet to open its case before the transfer. (NAN)