By Olusegun Olanrewaju
A Lagos high court sitting in Ikeja has frozen over N19, 178 billion assets and funds belonging to the former Managing Director of the defunct BankPHB, Mr. Francis Atuche.
The assets and funds were reportedly concealed in 24 banks.
The trial judge, Justice Lateefat Okunnu, made the order following an application by the Economic and Financial Crimes Commission (EFCC)’s counsel, Mr. Kemi Pinheiro (SAN) in a case between the Federal Government versus Francis Atuche and Ugo Anyanwu as first and defendants.
Anyanwu, a former ranking officer of the bank and currently serving a six-year jail term, was sentenced last June for N25.7bn fraud alongside Atuche.
Justice Okunnu then ordered them to make restitution of the N25.7bn to the Federal Government to replace the funds used to bail out the bank.
But ruling on the EFCC motion dated last August 17, Justice Okunnu granted the anti-graft agency’s 12 prayers as filed by its counsel, Pinheiro.
The judge ruled, “An order is made restraining the 1st Defendant (Atuche) whether by himself or acting through the persons or entities listed or such other persons including but not limited to his family members or agents, from removing, alienating, disposing of, dealing with or diminishing the value of assets, proceeds of economic and financial crimes or otherwise in the name of the 1st Defendant…”
She said the assets or funds included those held indirectly by or for Atuche’s benefit, “whether solely or jointly held, that is located in Nigeria or worldwide”.
The judge further froze any bank account being run and operated by Atuche “personally or jointly, whether in his personal name or otherwise or with the Bank Verification Number: 22295357230 in any of the respondent banks to the tune of N19,178,253,050.00 only, pursuant to the Restitution Order made by this Honourable Court on the 16 day of June 2021.”
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She also barred Atuche and his privies – including his lawyers – from presenting to the respondent banks any mandate or instruction for the withdrawal of any money and/or funds standing to the credit of any of their accounts to the tune of N19, 178, 253. 050.
According to the anti-graft agency, 15 persons were used as ‘front’ by Atuche to launder the funds.
