Proshare Logo
   Market Date: 17-04-2014   
Agriculture All One Min News Archives Bonds Cap Mkt Sentiments Capital Market CASHLESS NIGERIA Commodities Corporate Earnings Daily & Weekly Market Updates Enterpreneurship ETFs Forex Frauds & Scandals General Global Market Insurance Investors NewsBeat Islamic Finance Mergers & Aquisitions Money Market Mortgage Mutual Funds Nigeria Economy Oil Sector Opinions and Analysis Pensions People Politics Power Products & Services Professionals Property Public Offers Private Placements Regulators REITs STOCKPICKS Taxation Telcos Travel & Tours Unlisted Stocks World of Business

How Atuche, Ebi Played the Market on PHB Public Offer

Category: Frauds & Scandals


  Read (2864)
How Atuche, Ebi Played the Market on PHB Public Offer

 

November 15, 2011
 

The Group Managing Director and Chief Executive Officer of Futureview Financial Services, Mrs. Elizabeth Ebi, on Monday, accused former Managing Director and Chief Executive Officer of Bank PHB, Mr. Francis Atuche, to have “contrived” a loan worth N10.9bn purportedly granted her company by the bank.
 

Ebi said this at a Lagos High Court in Ikeja, presided over by Justice Lateefat Okunnu, while testifying as a prosecution witness.
 

She denied writing various letters bearing her name and allegedly sent to her by Atuche for her to sign to “regularise” the loan after obtainning the fund.
 

The documents, 11 in number, were later tendered by the prosecution and admitted as exhibits.
 

The Economic and Financial Crimes Commission had alleged that Atuche, his wife, Elizabeth, and a former Chief Financial Officer of the bank, Ugo Anyanwu, stole about N25.7bn belonging to the bank by  fraudulently describing the sum as loan granted to some alleged phony companies.
 

Led in evidence by Mr. Kemi Pinheiro (SAN), Ebi, testified that her company never applied for the bank's loan and that the subsidiary of the bank, Futureview Securities Ltd, the purported beneficiary of the loan, was not in existence as at the time the said loan was allegedly granted.
 

She said, “In 2006, Futureview Securities Ltd was changed to Futureview Financial Services Ltd. We only brought back Futureview Securities Ltd in 2010.
 

“I am not aware of any loan granted to the company because the company was not in existence between October 2008 and October 2009, when we were said to have applied for the facility and restructure of loan.”
 

However, Atuche’s counsel, Chief Anthony Idigbe (SAN), during cross-examination, accused Ebi of “deceiving the court by telling lies” concerning an oral agreement she had with the bank at the time.
 

Idigbe said the N10.9bn was issued as loan to Ebi's company, following an “oral agreement” she reached with Atuche when her company was dropped as an issuing house in 2005 public offer of the bank.
 

But Ebi admitted Futureview Securities Limited was among the companies whose names she forwarded to Bank PHB for “preferential allotment” even as at the time the company was not existing, though “without any intention to deceive.”
 

According to Idigbe the loan was granted to the company,  following discussion between Atuche and the witness that the company would participate in the public offer as joint Under-writer and a Receiving Agent without having to sell  shares to be entitled to the one per cent commission for each sale.
 

But Ebi said she sold the shares “indirectly” through Anyanwu and that she paid back N10.9bn back to the bank with five separate cheques as proceeds of the sales.

 

 

Source: Punch. Article was originally titled ‘How Atuche used my name for N10.9bn loan’

 

 



Tags: , 



Comment With Your Facebook or Yahoo! ID


Latest news


News on Frauds & Scandals

About Us

Who We Are
Our Team & Partners
Corporate Governance
Advertise with Us
Subscribe / Unsubscribe
Site Map
News Feed - RSS
Newsletter
Contact Us
Message from CEO
Resources

News & Features
The Analyst / Market Data
Investor Relations Portal
The Regulator
Economy & Politics
WebTV
Training Portal
Events Calendar
NewsStands - Online Reputation

Products and Services

Research & Market Intelligence
Analyst Services
Offers & Rights Support Service
Investor Relations Services
Alert & Subscription Services
Share Support Services
Proshare Consult
Event & Seminar Coverage
Market Directory
File a Complaint
News & Analysis

#1minNews
News from TheANALYST
Video News from WebTV
Money Market Updates
Opinions & Analysis
Nigerian Economy
Market Data
The Regulator
Newsletters
Discussion Forum
Policy

Subscriber Agreement
Privacy Policy
Data Policy
Disclaimer
Copyright Policy
Trademarks
Comments in Site
Advertising Code
Conflict of Interest
Content Partnership
3rd Parties

Online Trading and Execution
Training
Legal Support Services
Web/Technology Services
File a Complaint