A Lagos State High Court, Ikeja, yesterday granted former Managing Director of Bank PHB Plc, Mr Francis Atuche, bail for N50 million with two sureties in like sum.
The sureties, the court ruled, must be working Lagos residents, one of whom must be on the board of a corporate entity with head office in Lagos or Abuja.
One of the sureties must have property worth N50million in Lagos, Justice Lateefat Okunnu ruled.
She barred Atuche from traveling abroad until the case is decided, except on the court’s permission, adding that he should report to the Economic and Financial Crimes Commission (EFCC) every first working day of the month.
The EFCC arraigned Atuche with his wife, Elizabeth, and a former Bank PHB Chief Financial Officer, Mr Ugo Anyanwu, over alleged theft of the bank’s N25.7 billion.
Atuche is also facing two other charges bordering on theft before Justice Adeniyi Onigbanjo of the same court.
Justice Onigbanjo had granted him bail on the existing conditions given him by the Federal High Court, Lagos, where he is facing other criminal charges.
But in yesterday’s ruling, Justice Okunnu said she would not adopt the same bail terms as the other courts’.
She refused to grant Atuche bail on the basis of earlier bails granted him by the courts, which the bank chief had prayed for.
Justice Okunnu held that she did not see any merit in Atuche’s claim that EFCC acted in malice or wanted to embarrass him.
She said case before her was not similar to the one at the Federal High Court and that the EFCC has the right to try him in any court in Nigeria under a state law.
“I am of the firm view that this is not a case of abuse of court process. The matter before the Federal High Court and the one before me have not been shown to be one and the same. The issue of double jeopardy does not arise,” Justice Okunnu had said.
Atuche’s trial will begin on July 5. The other defendants had earlier been granted bail because they did not challenge the court’s jurisdiction.
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