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Atuche’s N125bn suit starts afresh after eight years

The Economic and Financial Crimes Commission on Tuesday commenced afresh, for the fifth time, the trial of a former Managing Director of the defunct Bank PHB Plc, Francis Atuche, accused of N125bn banking fraud.

Atuche, who has been standing trial since 2009, was re-arraigned for the fifth time before Justice A.O. Faji of the Federal High Court in Lagos on Tuesday.

Re-arraigned along with him on 45 counts was a former Executive Director of the defunct bank, Charles Ojo.

The prosecution accused them of recklessly granting several billions of naira loans between 2006 and 2009 to Platinum Capital Limited, a company in which they both have interests.

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