EFCC re-arraigns ex-Bank PHB MD, Francis Atuche,  two others

The Economic and Financial Crimes Commission (EFCC) on Monday re-arraigned Francis Atuche, the former Managing Director of the defunct Bank PHB Plc, alongside two others on a nine-count charge of conspiracy to commit felony and forgery.

The case is being heard before Justice O. O. Abike-Fadipe of the Special Offences Court sitting in Ikeja, Lagos.

The defendants, Nnosiri Joachim, also known as Ifeanyi, and Uguru Onyike, were initially arraigned before Justice Habeeb Abiru, who has since been elevated to the Court of Appeal. The matter then began afresh before Justice Adeniyi Onigbanjo, who has now been transferred to another division of the Lagos High Court.

One of the charges against the defendants reads:

“That you, Mr. Francis Atuche, Nnosiri Joachim (a.k.a Ifeanyi), and Uguru Onyike, on or about 4th day of March, 2013, in Lagos, within the Ikeja Judicial Division, with intent to defraud, conspired to commit felony to wit: forgery of a document titled: ‘BOARD RESOLUTION’ of Future View Securities Limited dated 17th December, 2007.”

Another charge specifically accused Joachim of fraudulently presenting a forged Board Resolution of Trajek Nigeria Limited to Keystone Bank. The document, dated December 15, 2007, was allegedly forged and purportedly signed by Elizabeth Ebi, a Director of Trajek Nigeria Limited.

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The defendants all pleaded “not guilty” to the charges when they were read in court.

Following the defendants’ pleas, Fanen Anum, the EFCC prosecution counsel, informed the court that the matter was starting de novo (afresh) and requested a date for the commencement of trial.

Counsel for the first defendant, Anthony Ejere, appealed to the court to allow Atuche—who has already been convicted in a separate matter—to continue to enjoy his earlier bail conditions. Similarly, Clement Onwuenwunor, SAN, representing Joachim and Onyike, also sought the court’s approval for his clients to retain the bail earlier granted by Justice Adeniyi Onigbanjo.

In her ruling, Justice Abike-Fadipe upheld the requests, allowing all the defendants to continue on their previous bail terms. She subsequently adjourned the case to May 6, 7, 8, 13, 20, and 27, 2025, for the commencement of trial.

Atuche’s fresh legal troubles reportedly stem from his involvement in procuring forged documents for submission in an ongoing EFCC case before Justice Lateefat Okunnu.

According to EFCC investigations, Atuche allegedly contacted Nnosiri Joachim, an office assistant at Keystone Bank’s Central Sharing Services Centre in Lagos, to deliver the forged documents to the bank’s corporate headquarters for onward submission in court.

The allegedly forged documents include the Board Resolutions of: Future View Securities Limited; Extra Oil Limited and Trajek Nigeria Limited.

The EFCC noted that the documents had been missing since October 2009 and were fraudulently recovered for use in court proceedings.

Atuche, a former key player in Nigeria’s banking sector, has been embroiled in multiple corruption and financial fraud cases since the collapse of Bank PHB, now Keystone Bank.

His earlier convictions underscore the gravity of systemic fraud that plagued Nigeria’s banking system in the late 2000s, with billions of naira in investor funds lost.