N25.7bn Theft: Court Frees ex-Bank PHB boss

By Paul Dada

A Lagos High Court sitting in Ikeja has on Monday struck out a N25.7 billion slammed against a former Managing Director of the defunct Bank PHB Francis Atuche, by the Economic and Financial Crimes Commisssion (EFCC).

Atuche and his wife, Elizabeth, were being tried alongside a former Chief Financial Officer of the bank, Ugo Anyanwu.

They were being prosecuted by the EFCC for an alleged involvement in the stealing of N25.7billion from the bank while Atuche was the Chief Executive Officer.

But Justice Lateef Lawal-Akapo discharged them as he held that the court lacked jurisdiction and that the prosecution’s case lacked merit.

“I find no merit in the prosecution’s application, it is hereby dismissed. The defendants application dated Nov. 27, 2013 succeeds and I hereby make the following orders:

“The criminal charge in this suit is hereby struck out and the accused persons namely; Francis Atuche, Elizabeth Atuche and Ugo Anyawu are discharged. The complainant’s notice of plenary objection dated Dec. 3, 2013 is hereby dismissed.”

Counsel to the defendants,Chief Anthony Idigbe (SAN) and Sylvia Ogwemoh (SAN) had in the pending application urged the court to quash the charge citing the Court of Appeal judgment of November 21,2013.

Idigbe said the appellate court in the judgment struck out the theft charges preferred against a former Managing Director of Finbank Plc, Mr Okey Nwosu and others for lack of jurisdiction.

He said that Atuche’s application was challenging the jurisdiction of court and court granting EFCC application will amount to it already assuming jurisdiction on the matter.

He said that his clients’ fate should not be tied to the Okey Nwosu’s judgment appeal at the Supreme Court and urged the court to dismiss the application.

But the EFCC in an application filed by its counsel, Deacon Dele Adesina (SAN) on March 2, asked the court to adjourn ruling on the application indefinitely.

He said this was pending the outcome of the EFCC’s appeal against the judgment at the Supreme Court.

Justice Lawal-Akapo  ruled  that the court lacked jurisdiction to hear the matter.

“The allegation of purchase of shares and stocks is contained in 15 out of the 27 count charge brought against the accused. The case falls squarely within the precinct of the decision of the Court of Appeal in Okey Nwosu as well as Erastus Akingbola’s case.

“The decision of the Court of Appeal becomes the extant law on the subject to the effect that any allegation of purchase of shares and stocks in any manner or coloration falls within the jurisdiction of the Federal High Court.

“The Federal High Court as opposed to the State High Court has juridiction pursuant to Section 211(d)(h) of the 1999 constitution of the Federal Republic of Nigeria as amended.

The court also held that it is bound by the decisions of a higher court.

“However learned a lower court may consider itself to be, the lower court is bound by the decision of the higher court and this is based on the doctrine of stare decisis in the Nigerian legal system.

“Consequently, this court is bound by the decision of the Court of Appeal in the Federal Republic of Nigeria v Okey Nwosu and the Federal Republic of Nigeria v Erastus Akingbola.”