More facts emerged on Wednesday at a Lagos High Court, Ikeja on why former Managing Director of BankPHB (now Keystone Bank), Francis Atuche, was sacked by the Governor of Central Bank of Nigeria (CBN), Malam Sanusi Lamido Sanusi.
Former presidential candidate, Prof. Pat Utomi, told the court that Atuche’s sack was instigated by Sanusi to take over the bank.
Utomi, a former member of the board of directors of the bank, testified as the first defence witness before Justice Lateefat Okunnu at resumption of trial of Atuche, his wife, Elizabeth and a former Chief Financial Officer (CFO) of the bank, Ugo Anyanwu.
They were charged before the court by the Economic and Financial Crimes Commission (EFCC) for allegedly stealing N25.7 billion from the bank.
Utomi told the court that BankPHB’s fixed assets had grown from N25 billion in 2004 to N1 trillion in 2008 before it was forcibly taken over by the Central Bank of Nigeria (CBN) on October 2, 2009.
He also testified that there was a plot to take over BankPHB by Sanusi, confirmed by a former presidential spokesman, Segun Adeniyi, in his book: “Power, Politics and Death: A Front-Row Account of Nigeria Under the Late President Umaru Yar’Adua.”
According to the Professor of Economics, petitions on minor allegations of cheque-biting made against the bank were even sent to the late president.
“As at 2009, BankPHB was considered as a very strong bank. The CBN even invited the bank to help in rescuing Spring Bank which was distressed at that time,” Utomi said.
According to him, Atuche, apart from being the Managing Director, was also the majority shareholder of the bank.
He said: “I was told that if Atuche was removed, that it will be acceptable to CBN and BankPHB will be left intact.
“The person that told me is the current CBN governor. He was a very good friend of mine until recently when these injustices were being carried out.”
Utomi further stated that the bank consequently failed its Stress Test, following the refusal of the board to comply with Sanusi’s directive.
“The reason that I have come out now is the same reason that I came out on June 12 to protest against the annulment. That was why I allowed myself to be beaten mercilessly by policemen because I hate injustice.”
He told the court that Atuche, as co-owner of Bank PHB, would have been very foolish to give out loans which could not be repaid.
To him, BankPHB was a high growth enterprise which necessitated the taking of certain risks.
Utomi said the board trusted Atuche’s judgement in granting credits because the bank was growing very fast under his leadership.
The case was adjourned by Justice Okunnu till September 16 for continuation of trial.
