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N25.7billion fraud: Court freezes Francis Atuche’s N19.1b in 24 banks, other assets

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ATUCHE

 

A Lagos State High Court sitting in Ikeja has frozen assets and funds to the tune of N19,178,253050 billion allegedly kept in 24 banks by  convicted former Managing Director of the defunct Bank PHB, Francis Atuche.

Justice Lateefat Okunnu made the order sequel to an August 17 application by the Economic and Financial Crimes Commission (EFCC)’s counsel Mr Kemi Pinheiro (SAN) in Charge No. ID/1549/2011 between the Federal Government on the one hand and Atuche and Ugo Anyanwu as first and defendants.

Anyanwu, a former Chief Financial Officer of the bank, is serving time in jail following his conviction and sentencing to six years imprisonment last June 16 for N25.7billion fraud alongside Atuche

Justice Okunnu, while sentencing the duo last June, ordered that they should make restitution of the N25.7b to the Federal Government to replace the funds stolen from the public to bail out the bank.

The judge, ruling on Pinheiro’s August 17 motion seen by The Nation on Thursday, granted the agency’s 12 prayers pursuant to sections 6(d), 20, 24, 26(1), 30 and 34(1) of the EFCC Act and sections 290, 294 and 297 of the Administration of Criminal Justice Law 2015, filed by the prosecution counsel led by a Senior Advocate of Nigeria (SAN), Mr Kemi Pinheiro.

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Justice Okunnu held: “An order is made restraining the 1st Defendant (Atuche) whether by himself or acting through the persons or entities listed or such other persons including but not limited to his family members or agents, from removing, alienating, disposing of, dealing with or diminishing the value of assets, proceeds of economic and financial crimes or otherwise in the name of the 1st Defendant…”

She noted that the assets or funds included those held indirectly by or for Atuche’s benefit, whether solely or jointly held, that is located in Nigeria or worldwide.

The judge further froze any bank account being run and operated by Atuche “personally or jointly, whether in his personal name or otherwise or with the Bank Verification Number: 22295357230 in any of the respondent banks to the tune of N19,178,253,050.00 only, pursuant to the Restitution Order made by this Honourable Court on the 16 day of June 2021.”

She barred Atuche and his privies – including his lawyers – from presenting to the Respondent Banks any mandate or instruction for the withdrawal of any money and/or funds standing to the credit of any of their accounts to the tune of N19, 178, 253. 050.

In another order, she restrained the banks from honouring any such instruction from Atuche and his privies.

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The judge added: “A mandatory order of injunction is made directing the named respondent banks to file within 48 hours of service of this Order of this Honourable Court on them returns of the Statements of Account of the 1st Defendant (personally or jointly) whether in his personal name or otherwise or with the Bank Verification Number: 22295357230 and the accounts of persons and entities listed in the aforementioned Schedules A and B maintained with them…”

According to the EFCC, 15 persons were used as a front by Atuche to launder the funds.

They are: Anthony Atuche, Emeka Patrick Atuche, Paul Okobi, Felix Oyiana, Moruf Kazeem Adisa, Olatunji Abiodun, Daniel Enebeli, Aina Olugbenga, Augustine Nwabueze, Omonua Benedict, Oliver King Nduaaron, Dr Chris Ike Ogbechie, Mr Murat Bektaslar, Attah Omataikpo Olukemi and Thomas Etuh.

The 22 firms in which Atuche has an interest in directly or indirectly, according to the EFCC, are Aqua Harvest Ltd, Hubmart Stores Ltd, Hubmart Ltd, Sapphire Capital Management Ltd, Homeland Real Estate Company Ltd, Malechi Foods Ltd, Homeland Meridian Partners Ltd, Promise Investment Ltd, Temple Cottage Hotel Ltd, Wegas Properties Project Ltd, Buckhead Construction Ltd, Claremount Management Services Ltd, Afco Associates Ltd, Platinum Capital Ltd, Ghazali Yakubu Investment Ltd, The Financial (Services) Company Ltd, Venture Resources Ltd, Elizabeth-A Company Ltd, Signature Partners Ltd, Purplepay Technologies Ltd, Oakwood Asset Management Ltd And Conesto Nigeria Ltd.

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Properties directly or indirectly linked to the 1 defendant include Aqua Harvest Farm, Atlantic Hall Road Opposite Mukadam House, Doka Epe, Lagos and Plot 1263, Adeola Odeku Street, Victoria Island, Lagos;

Some are Hubmart Stores, 35 Adeola Odeku Street, Victoria Island, Lagos; Hubmart Stores, 26 Isaac John, GRA, Ikeja, Lagos; Hubmart Stores, Block A10, Plot 2 & 3 Admiralty Way, Lekki Phase 1, Lagos; Lennox Mall, Plot 2 & 3 Admiralty Way, Lekki Phase 1, Lagos; Hubmart Stores, Isheri Road, Omole Phase 1, Ojodu, Ikeja, Lagos; Temple Cottage Hotel, Plot 323 Akin Ogunlewe Street, Victoria Island, Lagos.

Others are 2b Falomo Close, Ikoyi, Lagos; No. 11 Kingsway Layout (Now No. 4 Kingsway Close, Old Ikoyi, Lagos); House on Road 2 VGC, Lekki, Lagos; House 169, Road 43, VGC, Lekki, undeveloped land at Road 2 VGC (1300-2000) Sq. Metres; undeveloped property on Alfred Rewane Road, Ikoyl, Lagos, 418 Anifowoshe Street, Victoria Island, Lagos; 46, Mamma Nasir Street, Off Ty Danjuma, Asokoro, Abuja,

Others are three properties in London: Flat 23, Harley House, Marylebone Road, London; 59, Avenue Close, Avenue Road, St. John’s Wood, London, 18 Wycombe Square, London and W87JD, Isle of Man.

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Good morning! Nigerian Newspapers Headlines: NDC dissociates itself from 59-member presidential campaign council unveiled by Obi-Kwankwaso movement

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1. The leadership of the Nigeria Democratic Congress (NDC) has distanced itself from the 59-member presidential campaign council constituted by OK Movement, a support group for Peter Obi, presidential candidate of the party, and his running mate, Rabiu Musa Kwankwaso.

In a statement on Saturday, Cleopas Moses, NDC national chairman, said the list did not emanate from the party and should be disregarded.


2. Former Senior Special Assistant Media and Publicity to the late President Muhammadu Buhari, Mallam Garba Shehu, said yesterday that the litigation instituted against Nigeria by Sunrise Power and Transmission Company at the International Chamber of Commerce (ICC) tribunal in Paris was doomed from the outset. 
Garba, who personally attended the January 15, 2025 sitting of the tribunal in the French capital, said it was clear from day one that Sunrise and its promoter Leno Adesanya “would lose this case following the failure of all the witnesses they invited, including, of course, a beautiful lady from Senegal allegedly providing comfort to one of their government contacts.

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3. The Presidency yesterday knocked back economic proposals by the presidential candidate of the African Democratic Congress (ADC), Alhaji Atiku Abubakar. It asked him to take the proposals to Nigerians on his campaign trail rather than seeking to dictate how President Bola Tinubu should govern the country.

4. The Nigeria Hydrological Services Agency (NIHSA) has forecast a high risk of riverine flooding across 15 states between September 19 to 25.
In its national flood advisory issued on Friday, the agency said rising river levels could trigger flooding in communities located on floodplains during the seven-day period.
The affected states are Imo, Cross River, Ebonyi, Benue, Anambra, Akwa Ibom, Lagos, Rivers, Edo, Kogi, Taraba, Delta, Bayelsa, Enugu and Abia.

5. Delta State Police Command has arrested a suspect after its personnel intercepted a vehicle conveying military camouflage uniforms, boots and hats, as well as cartons of suspected Tramadol and other illicit drugs. The vehicle, a green Toyota Sienna with registration number KP 527 AAA, was intercepted by operatives of the command’s Anti-Cult Unit, Asaba, along the Onitsha-Ondo route on Friday.

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6. Police in Rivers State have begun an investigation into the killing of a father of four, Kamadioye Krama, by gunmen in Emulation community, Abua/Odual Local Government Area. The spokesperson for the State Police Command, Blessing Agabe, confirmed the incident, stating that an investigation was ongoing to apprehend the culprits and bring them to book.

7. President Bola Tinubu has said that, from October 1, commuters across Nigeria must begin to see measurable reductions in transportation fares, as he has directed all 36 states to accelerate the National Affordable CNG Transit Programme. In a statement personally signed and released on Saturday, September 19, Tinubu said the push followed his August 27 meeting with state governors.

8. The Nigeria Security and Civil Defence Corps, NSCDC, has deployed Abdulhamid Kabara as the new commandant of its Niger State Command following the deaths of 37 suspected illegal miners in custody. Kabara replaces Suberu Aniviye, who was suspended as Niger NSCDC commandant after the 37 suspects died in Minna, the state capital, on Thursday.

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9. The Northern Senators Forum on Saturday called for an immediate, transparent and independent investigation into the deaths of 37 young Nigerians in the custody of the Nigeria Security and Civil Defence Corps, NSCDC, in Minna, Niger State. It described the circumstances surrounding the occurrence as “deeply disturbing and unacceptable.”

10. The Minister of Interior, Olubunmi Tunji-Ojo, has suspended the Niger State Commandant of the Nigeria Security and Civil Defence Corps (NSCDC), Suberu Aniviye, and 20 other officers following the deaths of 37 suspected illegal miners in the Corps’ custody. The officers were suspended pending the outcome of an independent investigation into the deaths, which occurred on Thursday, September 17, 2026. The Ministry of Interior announced the development in a statement signed by Tunji-Ojo on Saturday

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Keyamo, Sunday Dare knock Atiku for addressing President Tinubu as ‘Bola’

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  The minister of aviation, Festus Keyamo, and the special adviser to President Bola Tinubu on media and public communication, Sunday Dare, have criticised former Vice-President Atiku Abubakar for referring to the President as “Bola”.

Keyamo described Atiku’s use of Tinubu’s first name as “disrespectful and discourteous”.

“The continuous reference to President Bola Ahmed Tinubu by His Excellency, ex Vice-President Atiku Abubakar in his press conference earlier today as ‘Bola’ is very disrespectful and discourteous,” he wrote on X.

He said Atiku should recognise that the office of the president deserves to be accorded dignity despite political differences.

“He should know better that no matter your differences with Mr. President, for the sake of the country, that office should be accorded all the dignity it deserves,” Keyamo said.

Keyamo also described the tone of Atiku’s remarks as reflecting “pain and bitterness”, while referring to the former vice-president’s recent comment about Tinubu’s age.

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“After all, he made the outlandish claim the other day that Mr. President is older than himself. It is therefore a contradiction that he would also refer to an ‘elder’ by his first name,” he said.

Also, Dare, in a post on X on Saturday,  reacted to Atiku’s call for Tinubu to reduce petrol and electricity costs.

Atiku had on Friday asked Tinubu to use the remaining eight months of his administration to reduce the burden of petrol and electricity costs on households, workers and businesses.

He said the removal of petrol subsidy in May 2023 had contributed to higher transportation, food, logistics and energy costs. He also warned against phasing out electricity subsidies without addressing the impact on households and businesses.

Dare described Atiku’s manner of addressing the president as “the height of insolence”, accusing the former vice-president of political desperation.

“Alhaji Atiku’s manner of addressing President Bola Tinubu as Bola is the height of insolence. It is a clear descent into the abyss of unbridled desperation and an unraveling mind,” Dare wrote.

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“To seek to lecture a sitting president with the unbridled insolence of dropping his first name, petulantly barking instructions, and dictating how governance should be run within a truncated timeline is the height of political hubris.”

Dare defended the Tinubu administration’s economic policies, saying the president was undertaking reforms to address structural problems in the economy.

Dare also questioned Atiku’s criticism of government intervention in the economy.

“Atiku’s sudden conversion to the gospel of interventionism rings hollow,” he said.

He accused Atiku of using Nigerians’ economic difficulties for political purposes ahead of the 2027 elections.

“This is a desperate strategy by a perennial seeker of power who weaponizes transient national discomforts for electoral mileage,” Dare added.

“Nigerians do not need lectures on fiscal management from a political wanderer whose decades-long pursuit of the presidency has been defined by perpetual opportunism.”

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South Africa-based Nigerian lecturer found dead at her residence

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A Nigerian lecturer at the University of Fort Hare, South Africa, Ayodele Odularu, has been found dead at her residence in Eastern Cape Province of South Africa.

According to reports, Gbadebo Odularu, the brother of the deceased, said she died on August 16 at the age of 51.

A family member, who spoke on condition of anonymity, told Punch’s Diaspora Tales that the lecturer’s death was not natural and the circumstances remained unclear to the family.

The family had asked for an investigation into her death.

In a GoFundMe statement published by Gbadebo on behalf of the family, the lecturer was described as someone who “dedicated her life to knowledge, discovery, and creating a better future for communities”.

The family said “although her journey on earth ended too soon, the impact of her life continues through the people she inspired, the knowledge she shared, and the communities she hoped to serve”.

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“Ayodele was far more than a sister. She was a cherished daughter, aunt, friend, mentor, scholar, and a source of encouragement, compassion, wisdom, and strength to everyone blessed to know her,” the statement reads.

“Her presence brought warmth into every room. She was known for her kindness, infectious laughter, generosity, resilience, and unwavering commitment to uplifting others. She had a rare ability to make people feel valued, heard, and inspired.

“Dr. Ayodele Odularu dedicated her life to knowledge, discovery, and creating a better future for communities.

“As an Independent Senior Researcher at the University of Fort Hare Community, she contributed meaningfully to academic research and the advancement of knowledge through her scholarly work.”

On Thursday, University of Fort Hare organised a memorial service in honour of the lecturer.

The lecturer died amid the violent attacks against Nigerians and other Africans in South Africa.

To date the Federal Government has 
facilitated the evacuation of 1,716 Nigerians from South Africa over Xenophobic attacks in the former apartheid country.

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