STOCKBROKER DISOWNS BANK PHB EX-CEO OVER N4BN LOAN

The Nation Newspaper (Nov 1, 2009)

Fresh facts emerged yesterday that the embattled ex-Managing Director of Bank PHB, Mr. Francis Atuche and the detained Managing Director of Falcon Securities Limited, Mr. Peter Ololo, have clashed over alleged non-performing loan of N4billion.

It was also learnt that Atuche may face fresh charges on alleged laundering of about N14.9billion.

These revelations came from the ongoing investigation of the records of Bank PHB by a special team from the Economic and Financial Crimes Commission (EFCC).

A highly-placed source in the commission, who spoke in confidence with The Nation, said the EFCC has made more startling discoveries from the book of Bank PHB.

The source said: “We have made fresh shocking discoveries including curious loans given as follows: Carejeke (N3.5billion); Futureviews Limited (N3.5billion); Extra Oil Nigeria Limited (N3.9billion); and N4billion to Pegosan Oil and Gas, allegedly owned by Ololo, to build a tank farm.

"When Ololo was confronted with the claim of a N4billion loan, he disowned Atuche and said that he never applied for any loan in Bank PHB to build a tank farm in Calabar.

"Ololo claimed that his signature and account records were forged. He said other signatories to the account were unknown to him. He said we should go to any length to probe him because he does not have a tank farm.

"We are suspecting that the fund had been wired out by Atuche and some of his former officials in Bank PHB.As the former MD of Bank PHB, we have asked Atuche to explain the whereabouts of the N4billion.

"The curious thing about the account credited to Ololo is that the account was opened on December 27, 2007 and on the same day, the account was credited with N4billion. The same controversy is surrounding a N3.9billion loan granted to Extra Oil Nigeria Limited purportedly owned by Diamond Uju. This Uju does not have an account at all in the bank.

"In Bank PHB record however, they said the oil firm belongs to an Economist, Tochukwu Kema Kolam. But in real life, Kema is a lawyer and a staff of Futureviews Securities Limited.

"Without the knowledge of the real owner of Extra Oil Nigeria Limited, they opened an account with fictitious documents and gave a N3.9billion loan to Extra Oil. Again, the purported loan has been wired out of the country.

"The same forgery was allegedly perpetrated by Atuche and some officials of the bank to launder N3.5billion each in the name of Craejeke and Futureviews Limited." The source added that Atuche and other bank officials linked to the granting of fake loans will soon face money laundering charges in court.

"So far, in the course of investigation, it was discovered that Atuche allegedly used to create fictitious accounts, put money there and launder same out of the country. Contacted on the latest discoveries and likely amended charges against Atuche, the Head of Media and Publicity of the EFCC, Mr. Femi Babafemi, said: "More charges cannot be ruled out.

"The Chairman of the EFCC, Mrs. Farida Waziri, has directed that further investigation be carried out in some of these cases. And that is what the operatives are doing presently."

Source: www.thenationonlineng.com