The Economic and Financial Crimes Commission (EFCC) has re-arraigned Francis Atuche, the former Managing Director of the defunct Bank PHB Plc, over allegations of forgery and conspiracy.
This development marks another chapter in the troubled financial legacy of Atuche, who has faced multiple legal battles since his tenure at the bank ended.
The EFCC confirmed the re-arraignment in a statement released on Monday through its X (formerly Twitter) handle.
The proceedings took place before Justice O. O. Abike-Fadipe at the Special Offences Court in Ikeja, Lagos.
Atuche was re-arraigned alongside two others: Nnosiri Joachim, also known as Ifeanyi, and Uguru Onyike.
The trio faces a nine-count indictment accusing them of forging board resolutions of companies to defraud financial institutions.
“Boardroom Lies: A Trail of Forged Resolutions”
The charges against the defendants paint a picture of calculated deception.
One of the counts alleges that on March 4, 2013, the defendants conspired to forge a document titled “BOARD RESOLUTION” of Future View Securities Limited, dated December 17, 2007.
Another charge accuses Joachim of using a forged “Board Resolution of Trajek Nigeria Limited,” dated December 15, 2007.
According to the EFCC, the forged documents were fraudulently presented to Keystone Bank Limited as authentic.
“Courtroom Drama as Atuche Pleads Not Guilty”
During the session, Atuche and his co-defendants pleaded not guilty to all charges.
This isn’t the first time Atuche has faced such accusations.
The EFCC reminded the court that the defendants were previously arraigned before Justice Habeeb Abiru and later Justice Adeniyi Onigbanjo.
Both earlier cases were stalled, leading to the current re-arraignment.
“Prosecution Calls for Fresh Start”
Prosecuting counsel Fanen Anum urged the court to begin the case afresh, known as de novo.
He also requested trial dates to ensure the matter is resolved promptly.
In their defense, lawyers Anthony Ejere and Clement Onwuenwunor, SAN, argued for their clients to remain on the bail terms previously granted.
“Court Upholds Bail Amid Fresh Allegations”
Justice Abike-Fadipe ruled in favor of the defendants, allowing them to continue on the bail earlier granted by Justice Onigbanjo.
The court adjourned the trial to May 6, 7, 8, 13, 20, and 27, 2025.
“Missing Documents Fuel Fresh EFCC Allegations”
The EFCC’s statement provided more damning details about the alleged conspiracy.
It accused Atuche of involving Joachim, an Office Assistant at Keystone Bank’s Central Sharing Services Centre, to deliver forged documents.
These documents were intended for use as exhibits in an ongoing case between Atuche and the EFCC before Justice Lateefat Okunnu.
The documents, which included board resolutions of Future View Securities Limited, Extra Oil Limited, and Trajek Nigeria Limited, had reportedly been missing since October 2009.
“Atuche’s troubles worsened when he sought to use these forged documents in court,” the EFCC’s statement read.
“A History of Legal Troubles”
This case adds to the long list of controversies surrounding Atuche.
As the former head of Bank PHB, Atuche has been implicated in several high-profile financial scandals.
Observers have noted that his legal troubles highlight systemic issues in Nigeria’s banking sector.
For the EFCC, the case is another opportunity to demonstrate its resolve to fight financial crimes.
“The public must understand that no one is above the law,” an EFCC representative stated.
