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Atuche,Ojo Ex Bank PHB & SpringBank MDs granted bail

Posted by 9jabook.com on November 9, 2009 at 9:09pm
Francis Atuche and Charles Ojo, former managing directors of Bank PHB and Spring Bank respectively have been granted bail by justice Akinjide Ajakaiye of a Lagos Federal High Court. Both men met their N50 million naira each, plus one-surety bail conditions after spending 24 days in the Economic and Financial Crimes Commission (EFCC) cell in Ikoyi, Lagos. In granting them bail, justice Ajakaiye ruled, “An accused should not be punished before conviction”. He struck out the EFCC counsel’s objection that the men could jump bail or tamper with evidence. Atuche and Ojo were fired from their positions by the Central Bank governor, Lamido Sanusi shortly after the audit of banks revealed alleged fraudulent practices by some of the top executives. They were all arrested and charged by the anti graft agency. The case will continue on the 4th of December 2009.
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