N4.2b theft: Atuche seeks dismissal of charge

A former Managing Director of Bank PHB, Francis Atuche, on Wednesday asked an Ikeja High Court to dismiss the N4.2 billion theft charge preferred against him.
Atuche made the request in an application to quash the charges filed before Justice Adeniyi Onigbanjo.
Atuche is standing trial alongside Funmi Ademosun, a former director of the bank, for allegedly stealing N4.2 billion belonging to Caverton Helicopters Limited, in September 2007.
They are being prosecuted by the Economic and Financial Crimes Commission.
Atuche’s application was premised on a judgment delivered by the Lagos Division of the Court of Appeal on November 21.
The appellate court had in the judgment struck out a theft charge preferred against a former Managing Director of Finbank Plc, Okey Nwosu, and some others.
The Court of Appeal held in Nwosu’s case that the Lagos High Court lacked jurisdiction to entertain the charge because it emanated from capital market transactions.
Also, the court held that a case associated with the capital market should be handled by the Federal High Court.
Atuche’s counsel, Abubakar Shamsudeen, argued in the application dated December 6 that Atuche’s case was similar to Nwosu’s.
He said the charge before the court was based on an alleged unauthorised sale of shares belonging to Caverton Helicopters by the accused persons.
According to him, the decision of the appellate court clearly shows that the state high court does not have jurisdiction to entertain such matters.
However, the EFCC counsel, Kayode Otufale, in a preliminary objection, argued that the application should be struck out for being an abuse of court process.
Otufale said that the Court of Appeal’s decision in Nwosu’s case was inapplicable to Atuche’s case.
Atuche had on December 3 filed a similar application before Justice Lateefat Okunnu, where he is being prosecuted for an alleged N25.7 billion theft.
Onigbanjo adjourned the case till December 16 for further hearing.