Court grants ex-bank chiefs bail – The Nation
November 10, 2009 by Bunmi Awolusi
Justice Akinjide Ajakaiye of the Federal High Court, Lagos, yesterday granted bail to former Managing Directors of Bank PHB and Spring Bank, Francis Atuche and Charles Ojo.
Atuche and Ojo were arrested and detained by the Economic and Financial Crimes Commission (EFCC) over an alleged financial recklessness.
The two ex-bank chiefs spent 24 days in the EFCC custody.
Justice Ajakaiye granted each of them bail in the sum of N50 million and one surety in the same amount.
He directed that the sureties must submit the title documents of their landed property in Ikoyi or Victoria Island, Lagos, for verification.
The judge held that the EFCC failed to provide enough evidence to support its claim that the accused persons would jump bail.
