The Economic and Financial Crimes Commission (EFCC) on Tuesday re-arraigned for the 5th time former managing directors of Bank PHB and Spring Bank, Francis Atuche and Charles Ojo respectively, before a Federal High Court in Lagos.
The two bank directors are facing an amended 45-count charge of N125 billion fraud and have been undergoing prosecution by the anti-graft agency since 2009.
First, they were arraigned in 2009 before Justice Akinjide Ajakaiye, who later granted them bail in the sum of N50 million each with two sureties each in like sum.
On February 3, 2012, they were re-arraigned before Justice Binta Murtala-Nyako. They were again re-arraigned before Justice Rita Ofili-Ajumogobia on January 16, 2013, after Murtala-Nyako was transferred.
Again on February 20, 2014, the EFCC re-arraigned the accused before Justice Saliu Saidu, following a re-assignment of the case.
And after the recent transfer of Justice Saliu Saidu, the accused were on Tuesday re-arraigned before Justice A.O. Faji.
They also pleaded not guilty before the court and were allowed to continue on their earlier bail conditions granted by Ajakaiye at the first arraignment.
The trial judge, Faji adjourned the case to February 22 for trial.
The EFCC is prosecuting the former bank bosses for allegedly granting credit facilities, manipulating shares and involvement in wide-ranging banking fraud amounting to N125 billion.
The alleged offences breach the provisions of Section 516 of the Criminal Code, Laws of the Federation, 2004, as well as Section 14 (1) of the Money Laundering Prohibition Act, 2004.
They also breach the provisions of Section 7(2) (b) of the Advanced Fee Fraud Act, 2004, and Section 15(1) of the Failed Banks (Recovery of debts) and Financial Malpractices in Banks Act, 2004.
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