The Director of the Lagos Business School, Prof. Pat Utomi, yesterday told an Ikeja High Court that former Bank PHB Managing Director, Francis Atuche, did not support him financially during the 2007 presidential campaign.
Utomi said this while being cross-examined by counsel to the Economic and Financial Crimes Commission, EFCC, Mr. Kemi Pinheiro (SAN), in the ongoing trial of Atuche, his wife, Elizabeth, and the bank’s former Chief Financial Officer, Ugo Anyanwu. Atuche and his co-defendants allegedly stole over N27.5 billion belonging to the bank.
The defendants were accused of stealing the money through hoax and non-existing loans, which they allegedly converted to their use.
Testifying before Justice Lateefat Okunnu, the former presidential candidate said: “The total amount of my campaign cost less than N30 million. Francis Atuche never contributed to it.”
Utomi also said he was not aware that the defunct Bank PHB granted N2.7 billion loan to Baywood Continental Limited while he was the vice-chairman of the bank’s board. Okunnu, however, adjourned the matter till September 20 for further cross-examination.
At the last hearing, Utomi informed the court that loans granted by Bank PHB (now Keystone Bank) during Atuche’s tenure were approved by the bank’s board. Led in evidence by Atuche’s counsel, Chief Anthony Idigbe (SAN), he said the loans, which formed part of the charges, were ratified by the board after proper scrutiny.
While reading from the minutes of the Board of Directors meeting of Bank PHB held on July 9, 2008, Utomi said the loans were ratified during the meeting by the members.
He added: “Bank PHB Board even resolved to treat every loan according to its merit without making a blanket decision on the credit facilities which however led to the ratification of the loans during the July 9, 2008 meeting of the board.” Utomi said some of the loans included those the defendants were being tried for.
He said: “The loans include N3.9 billion to Extra Oil, N3.5 billion to Trajet Nigeria Limited, N3.5 billion to Future View Services Limited, N4 billion to Petrosan Oil and Gas Limited and N8 billion to Falcon Services Limited.”
No comments:
Post a Comment