Francis Atuche granted N14.3 billion loans without board approval says witness

Mrs Phillipa Ulasi, former Chief Credit Officer of Bank PHB, has accused the bank’s former Managing Director, Francis Atuche, of granting N14.3 billion loans to some companies without board approval.

Ulasi stated this on 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 November 2007 and April 2008, when Atuche was the bank’s 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.