By Onyewuchi Ojinnaka
The trial of former Managing Director of defunct Bank PHB, Francis Atuche before a Federal High Court Lagos, Nigeria over N125 billion fraud was on Monday adjourned till November 11 to enable Keystone Bank issued with a subpoena by the court, produce to the prosecution necessary documents for the trial.
Atuche is standing trial with a former Managing Director of Spring Bank Plc, Charles Ojo, before Justice Ayokunle Faji on an amended 45-count charge bodering on the alleged offence of fraud.
They were arraigned before Justice Saliu Saidu on February 20, 2014, before Saidu was transferred out of the Lagos jurisdiction.
Following the transfer of the Judge, the case file was re-assigned to Justice Faji and the defendants were subsequently re-arraigned before the court on February 18, 2017.
Nevertheless, Justice Saidu was eventually returned to the Lagos division, but the matter still continued before Justice Faji.
On their re-arraignment, the defendants had pleaded not guilty to the charges and the court had allowed them to continue on the earlier bail granted by Saidu.
Trial has since commenced before Faji with the prosecution still leading evidence.
At the last adjourned date on June 11, a second prosecution witness Mrs Philipa Odesi, had in her lead examination, given evidence about the operation of credit facilities in the bank.The court had subsequently adjourned the case untill June 17 for continuation of trial.
At the resumed trial of the case on Monday (today), Mr Chukwudi Enebeli who announced appearance for the prosecution, informed the court that the prosecution had issued service of a subpoena signed by the court, on Keystone Bank last week.
According to him, the subpoena was for the bank to produce certain document necessary for trial, adding that a representative of the bank, one Mr Eze Asiegbu was present in court.
The Prosecution further informed the court that all document had not been gathered, and in the circumstance, sought a further date for trial.
Justice Faji consequently, adjourned the case until November 11, 15, 28, and 29 as well as December 3, 4 and 5 for continuation of trial.
It would be recalled that the defendants were first arraigned in 2009 before Justice Akinjide Ajakaiye, now retired.
Ajakaiye had granted them bail in the sum of N50 million each with two sureties each in like sum.
Consequent upon the retirement of Ajakaiye, the defendants were later re-arraigned before Justice Binta Murtala-Nyako on February 3, 2012, and subsequently, re-arraigned before Justice Rita Ofili-Ajumogobia on January 16, 2013 following the transfer of Murtala Nyako.Both judges had adopted the bail terms granted by Ajakaiye.
The EFCC had again on February 20, 2014, re-arraigned the defendants before Justice Saliu Saidu, following a re-assignment of the case, and then re-arraigned them in 2017 before Faji.
According to the charge, the defendants were alleged to have granted credit facilities, manipulated shares and committed general banking fraud to the tune of N125 billion.
The offences contravene the provisions of Sections 7(2) (b) of the Advanced Fee Fraud Act, 2004, and Sections 15(1) of the Failed Banks (Recovery of debts) and Financial Malpractices in Banks Act, 2004.
It also contravenes the provisions of Section 516 of the Criminal Code Act, Cap C38, Laws of the Federation, 2004, as well as Section 14 (1) of the Money Laundering Prohibition Act, 2004.