Business
Atuche Bought N2.3bn Bank PHB Shares – Witness
The Economic and Financial Crimes Commission (EFCC) on Tuesday alleged that a former Managing Director of Bank PHB, Francis Atuche, bought the bank’s shares worth N2.3 billion for one of his companies.
The company, Consolidated Business Support Limited, purchased 140,694,000 units of Bank PHB shares during the bank’s public offer in 2007, while Atuche was the Chief Executive Officer.
A field investigator with the EFCC, Mr David Nkpe who made the allegation, claimed that the shares were fraudulently purchased by Atuche, using funds belonging to Bank PHB.
Reports say that Nkpe was testifying before Justice Lateefat Okunnu of an Ikeja High Court at the resumed trial of Atuche.
The EFCC had charged Atuche, his wife, Elizabeth and a former Chief Financial Officer of the bank, Ugo Anyanwu to court following allegations of stealing.
The commission alleged that they stole over N25.7 billion belonging to Bank PHB ( now Key Stone Bank) between November 2007 and April 2008.
The witness, who was being led in evidence by EFCC prosecutor, Mr Kemi Pinheiro, alleged that Atuche instructed Anyanwu to buy the shares on behalf of the companies which were owned by him and his wife.
Nkpe said: “On January 2, 2008, Anyanwu instructed one Oby Nwakpa to transfer certain sums of money to various accounts belonging to some companies.
”N2,390,625,000 was transferred to the Zenith Bank account of Resolution Trust and Investment Ltd.
“On January 7, 2008, Resolution Trust and Investment Limited issued a cheque for N2,390,625,000 for purchase of Bank PHB shares in favour of Consolidated Business Support Limited.
”From our investigations, this company which belonged to Atuche collected the shares”.
The witness further alleged that Atuche bought 112,500,000 units of Bank PHB shares, worth N1,912,000 for Noelle Investment Limited.
He said that Anyanwu had admitted in his statement to the EFCC that the shares were purchased with the bank’s funds and that Atuche and his companies were the ultimate beneficiaries.
Our correspondent reports that the matter was adjourned to Wednesday for continuation of trial.
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