A Lagos State High Court in Ikeja has frozen assets and cash worth N19.17 billion that a convicted former Managing Director of Bank PHB, Francis Atuche, reportedly kept in 24 banks.
The order came after the Economic and Financial Crimes Commission filed an application on August 17 in a case involving the Federal Government and Atuche, as well as Ugo Anyanwu, the first and second defendants, respectively.
Anyanwu, the bank’s former Chief Financial Officer, is also serving time in prison after being convicted and sentenced to six years in prison for fraud totaling N25.7 billion on June 16, 2021.
While sentencing the duo, Justice Okunnu ordered that they pay the Federal Government N25.7 billion in restitution to replace the cash taken from the public to bail out the bank.
As a result, the judge granted the agency’s 12 requests on Thursday, citing sections 6(d), 20, 24, 26(1), 30, and 34(1) of the EFCC Act, as well as sections 290, 294, and 297 of the Administration of Criminal Justice Law, 2015.
The prosecution team for the Economic and Financial Crimes Commission, led by Mr Kemi Pinheiro, a Senior Advocate of Nigeria, submitted the application.
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Justice Okunnu held, “An order is made restraining the first defendant, whether by himself, or acting through the persons or entities listed from dealing with the value of the assets and proceeds of economic and financial crimes or otherwise in the name of the first defendant.”
The judge further froze any bank account being run and operated by Atuche, personally or jointly, whether in his personal name or otherwise in any of the respondent banks to the tune of N19.17bn.
The judge added, “A mandatory order of injunction is made directing the named respondent’s banks to file within 48 hours of service of the order of this honourable court on them returns of the statements of account of the first defendant.”
EFCC had said that 15 persons were used by Atuche to launder the funds.
They are Anthony Atuche, Emeka Atuche, Paul Okobi, Felix Oyiana, Moruf Adisa, Olatunji Abiodun, Daniel Enebeli, Aina Olugbenga, Augustine Nwabueze, Omonua Benedict, Oliver Nduaaron, Chris Ogbechie, Murat Bektaslar, Attah Olukemi, and Thomas Etuh.
