Business
Atuche Granted N14.3bn Loans Without Board Approval –Witness
Mrs Phillipa Ulasi, former Chief Credit Officer of Bank PHB, has accused the bank former Managing Director, Francis Atuche, of granting N14.3 billion loans to some companies without board approval.
Ulasi stated this last Thursday while testifying at the resumed trial of Atuche over alleged corrupt practice at an Ikeja High Court presided over by Justice Lateefat Okunnu.
The Economic and Financial Crimes Commission (EFCC) had arraigned Atuche, and his wife, Elizabeth, over alleged stealing of N25.7 billion belonging to the bank (now Keystone Bank).
Also charged by the commission was a former Chief Financial Officer of the bank, Ugo Anyanwu.
They were alleged to have committed the offence between Nov. 2007 and April 2008, when Atuche was the bank Chief Executive Officer.
Ulasi who was led in evidence by EFCC prosecutor, Mr Kemi Pinheiro, told the court that the loans were granted without the permission of the board credit committee of the bank.
EFCC had claimed that Atuche granted loans to companies where he and his wife had vested interest.
The commission claimed that a loan of N3.5 billion was granted to Future View Securities, N3.9 billion was granted to Extra Oil Ltd. and Trajeck Ltd. got N3.5 billion.
Besides, it said that Resolution Trust and Investment Limited got N3.3 billion while Petosan Oil and Gas Limited was granted a N4 billion loan.
The witness said she was not aware of any approval for the said loans as the secretary to the bank board credit committee during the period.
Ulasi said: “They were not presented at the board’s credit committee and the committee members did not disbursed them.
“It was my responsibility to make credit presentations to the board when requested by customers for recommendation and approval.
“I did not receive any memo from the board concerning the said loans”.
Our correspondent reports that the court had earlier subpoenaed a representative of the managing director of the defunct Oceanic Bank, Mr Olufemi komolafe, for appearance.
Komolafe, at the trial presented an Oceanic Bank cheque no. 00095 dated Jan. 2, 2008 in the sum of N2, 868, 750, 000 issued by Falcons Securities Limited in favour of Bank PHB Public Offer to the court.
The court, however, admitted the cheque as exhibit P169.
The case was adjourned till March 25 for the continuation of the trial.