EFCC accuses Atuche, Ojo of granting N450b ‘frivolous’ loans – The Nation
November 4, 2009 by Bunmi Awolusi
The Economic and Financial Crimes Commission (EFCC) yesterday accused former Managing Directors of Bank PHB and Spring Bank, Francis Atuche and Charles Ojo of granting over N450 billion “frivolous credit facility without security.”
Its lawyer, Mr. Kemi Pinhero (SAN) made the allegation while opposing the bail applications filed by Atuche and Ojo, at the resumption of their trial at a Federal High Court in Lagos.
Pinhero said more revelations of reckless granting of loans, by the former bank chiefs were likely as the EFCC was still probing their tenure. He said the prosecution had filed two counter-affidavits against the applications.
In the counter affidavits deposed to by an operative of the EFCC, Ngunan Kakwah, the commission accused Atuche and Ojo of being “reckless in the performance of their duties” as the MD and Executive Director of Bank PHB.
The deponent said she was part of the team that investigated the found allegations against some officials of the bank by the Central Bank of Nigeria (CBN).
