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Atuche Granted N14.3bn Loans Without Board Approval –Witness

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13 years ago

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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.

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NPA Assures On Staff Welfare 

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2 weeks ago

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June 27, 2025

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The Managing Director, Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has said the management will continue to accompany its port infrastructure  and equipment  modernization drive  with the development of the welfare of its personnel.
Dantsoho made the disclosure recently while responding to the commendation by the Maritime Workers Union (MWUN) and the senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASGOC) on the  clearing  of the age-long problem of employee stagnation, when the union paid him a courtesy visit at the Authority’s headquarters in Lagos.
A Statement by NPA’s General Manager Corporate & Strategic Communications, Mr. Ikechukwu Onyemekara, quoted Dantsoho as saying,  “our Port infrastructure and equipment modernization drive will go hand-in-hand with continuous staff welfare improvement”.
The NPA MD disclosed that human capital development constitutes the key strategy for creating and sustaining superior performance under his watch, adding that “talent development constitutes a critical success factor for the actualization of the big hairy audacious goals we have set for ourselves especially in the area of Port competitiveness.
“The only way we can meet and indeed exceed stakeholders’ expectations is to deepen the competencies of our human resources assets and boosting their morale.”
Speaking further, Dantsoho commended the Honourable Minister of Marine & Blue Economy, Adegboyega Oyetola, for approving the strategic proposal of the Dantsoho-led Management team that solved the over a decade-long problem of lack of promotion that had fuelled industrial disharmony.
“I must specially appreciate our amiable Minister for graciously approving the multi-pronged stratagem we deployed that cleared all outstanding cases of employee stagnation by conducting examinations in one fell swoop and instituted timelines to forestall a recurrence of such anomaly”, he sad.
Speaking on behalf of the joint maritime labour unions, the President  of Senior Staff Association of Statutory Corporations & Government-Owned Companies (SSASCGOC), Comrade Bodunde stated, “In addition to clearance of the backlog of stagnated promotions, we also wish to express our appreciation for the increase in productivity bonuses, provision of end-of-year welfare packages for staff, and the revision of the Financial Guide to the Condition of Service, which now addresses our members’ concerns about inflationary pressures.”
Nkpemenyie Mcdominic, Lagos
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ANLCA Chieftain Emerges FELCBA’s VP

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2 weeks ago

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June 27, 2025

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National Secretary of the Association of Nigerian Licensed Customs Agents (ANLCA), Elder Olumide Fakanlu, has been elected Vice President of the Federation of ECOWAS Licensed Customs Brokers Association (FELCBA).
The election took place during the FELCBA Congress, held from Tuesday, June 17th to Thursday, June 19th, 2025, in Freetown, Sierra Leone.
Fakanlu’s emergence as Vice President marks a significant achievement for Nigeria within the regional customs brokerage community.
Apart from Fakanlu, Secretary of the Seme Chapter of ANLCA, Austin Nwosu, was also elected, securing the role of Secretary of Relations with Institutions.
The Nigerian delegation played an active role in the congress, with Michael Ebeatu nominated as a member of the electoral officer team, ensuring a fair and transparent election process.
The three-day congress concluded with delegates undertaking a visit to the Sierra Leone Port, offering insights into the host nation’s maritime operations, followed by a recreational trip to the Tokeh Beach.
The newly elected executives are expected to lead FELCBA in its efforts to harmonize customs brokerage practices, promote trade facilitation, and advocate for the interests of licensed customs brokers across the ECOWAS sub-region.
Nkpemenyie Mcdominic, Lagos
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NSC, Police Boost Partnership On Port Enforcement 

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2 weeks ago

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June 27, 2025

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In a bid to enhance more enforcement in the nation’s Port, the Nigerian Shippers’ Council (NSC) has reaffirmed its commitment to stronger inter-agency collaboration with the Nigeria Police Force (NPF).
The Council said the collaboration is aimed at enhancing stronger enforcement, compliance and improve operational efficiency across Nigeria’s ports.
Executive Secretary/Chief Executive Officer of  NSC, Dr. Pius Akutah, made this known during a visit to the  Inspector-General of Police, Dr. Kayode Adeolu Egbetokun, at the Force Headquarters, Abuja.
The visit, which he said, focused on strengthening institutional synergy, comes in the wake of growing responsibilities for the NSC under the newly created Ministry of Marine and Blue Economy.
Akutah emphasized the critical role of security agencies in supporting port operations and ensuring regulatory compliance.
He called for the posting of police officers to assist the Council’s monitoring and enforcement teams at key port locations including Lagos, Warri, Onne, Port Harcourt, and Calabar.
“The posting will complement the activities of our revived task teams and enhance our ability to enforce standards across the maritime logistics chain”, he said.
Earlier, the Inspector-General of Police, Dr. Egbetokun, assured the Council of the Force’s readiness to continue supporting the growth of the maritime sector.
The IGP acknowledged that compliance enforcement is essential to the successful implementation of Nigeria’s Blue Economy objectives.
“The NSC and NPF are expected to deepen collaboration in the months ahead, with a shared focus on building a secure, efficient, and competitive port environment”, to the IGP emphasized.
Chinedu Wosu
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