The Federal High Court sitting in Lagos dismissed a N25.7 billion criminal charge brought against the ex managing director of bank PHB, Francis Atuche, on June 22.
Ex-boss of PHB bank was set free alongside his wife, Elizabeth and a former Chief Financial Officer of Bank PHB, Ugo Anyanwu.
Three people were prosecuted by the Economic Financial Crimes Commission (EFCC) for supposedly stealing money.
The ruling was delivered by the presiding judge, Justice Lateef Lawal-Akapo.
The judge held that it is duty bound to follow with the decisions of court of appeal in the request of Okey Nwosu and Erastus Akingbola.
The court stated that though the prosecution, in its submission, was right to say that count one to ten of the charge was anchored on stealing which falls within the scope of state high court.
Meanwhile, Lateef Lawal-Akapo said that the prosecution did not make any content to as whether count 11 to 27 have any link with shares and stocks.
“The case on all, falls with Okey Nwosu’s case. Count one to ten is within the armbit of the Criminal Laws of Lagos State because it deals with stealing. Counsel to the Commission did not make any submission to as whether count 11 to 27 have any nexus with shares and stocks. The criminal charge is hereby struck out and the accused persons are hereby discharges.” the judge said.