A mild drama ensued at the home of the Atuches in Ikoyi, Lagos, on the evening of May 3, 2011.
Nearly a dozen operatives of the Economic and Financial Crimes Commission (EFCC) had arrived at the palatial home of Francis Atuche, the former managing director of Bank PHB, to arrest the bank chief and his wife, Elizabeth. They were told the couple had travelled out of the country.
But the officers, relying on their intelligence, thought otherwise.
After forcing their way into the house to conduct a search, they found Mrs Atuche. Her husband, however, had gone into hiding.
A week later, the EFCC declared Mr Atuche wanted over money laundering allegations amounting to ₦8.6 billion. He was also accused of using his wife’s company to steal depositors’ funds totalling over ₦100 million.
The banker turned himself in two days later.
On May 17, 2011, the EFCC arraigned Mr Atuche on two separate charges before Justice Adeniyi Onigbanjo of the Ikeja Division of the Lagos State High Court.
In the first charge, Mr Atuche, the then managing director of Bank PHB, allegedly conspired with Funmi Ademosu, a director in the bank, to steal N4.2 billion which were part of the proceeds from the sale of 241,579,284 units of Afribank shares and joint property of Caverton Helicopters Ltd and Bank PHB. The offence is contrary to and punishable under Section 516 of the criminal code laws of Lagos State, 2003.
In the second charge, Mr Atuche allegedly conspired with another bank director, Lekan Kasali, to steal N7.2 billion which they fraudulently described as loans to Cogipar Nigeria Limited.