EFCC suffers another setback as court frees former Bank PHB boss, Atuche, others; dismisses N25bn fraud case


A Lagos High Court in Ikeja has struck out a N25.7 billion criminal charge brought against Francis Atuche, a former Managing Director of the now defunct Bank PHB.

The Economic and Financial Crimes Commission, EFCC had instituted a 27-count charge including stealing and conspiracy against Atuche; his wife, Elizabeth; and the bank’s Chief Financial Officer, Ugo Anyanwu.

In his ruling, Judge Lateef Lawal-Akapo said the EFCC failed to prove that the defendants stole money from the bank.

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