Atuche, victim of Sanusi’s interest in Bank PHB – Utomi

JULY 18, 2013 

Prof. Pat Utomi

Professor of Political Economy, Pat Utomi, on Wednesday told a Lagos High Court, Ikeja, that former Managing Director of Bank PHB, Mr. Francis Atuche, was being prosecuted out of the desperation of the Governor of the Central Bank of Nigeria, Mr. Lamido Sanusi, to take over the bank.

Utomi was testifying as the first defence witness in the N25.7bn theft charges instituted against Atuche, his wife, Elizabeth, and former Chief Financial Officer of the bank, Mr. Ugo Anyanwu.

The professor, who was a former director of the bank before it was taken over in 2009, described the trial as an “injustice”.

He said there had been a premeditated plan to “steal Bank PHB Plc by government officials” long before the CBN’s assessment in 2009, which adjudged the bank to be under distress.

Utomi said, “I was told that if Atuche was removed that it would be acceptable to CBN and that Bank PHB would be left intact.

“The person that told me is the current CBN Governor. He was a very good friend of mine until recently when these injustices were being carried out. I began to talk openly when the injustice was becoming glaring.”

Utomi, who was led in evidence by Atuche’s counsel, Chief Anthony Idigbe (SAN), said the plot to get Atuche out of the way was so grave that petition on minor allegations of cheque kiting was being sent to the Presidency.

According to him, the desperation to take over the bank was confirmed in the book written by former presidential spokesman for the late President Umar Yar’adua, Mr. Segun Adeniyi.

The book was entitled, ‘Power, Politics and Death: Front-row account of Nigeria under the late President Yar’Adua’.

Utomi maintained that CBN claimed Bank PHB failed distress tests, which the bank was subjected to in quick succession within a short period of time.

The witness said before CBN adjudged Bank PHB as being under distress even when the Fixed Asset of the bank grew from N25bn in 2004 to N378bn and was going to trillions of naira in 2007.

The matter was adjourned till September 16 for Utomi to continue his testimony.