Banking
Court Freezes N19bn Belonging to Ex-Bank PHB MD Atuche
By Aduragbemi Omiyale
A Lagos State High Court sitting in Ikeja has frozen the assets and funds worth N19.2 billion belonging to Mr Francis Atuche, a former Managing Director of the defunct Bank PHB Plc.
The funds are domiciled in 24 different banks in Nigeria, including Citi Bank Limited; Ecobank Nigeria Limited; First Bank of Nigeria Plc; First City Monument Bank (FCMB); Globus Bank Limited; Fidelity Bank Plc; Keystone Bank Limited; Lotus Bank Limited and Mainstreet Bank Plc.
Others are Polaris Bank Plc; Platinum Mortgage Bank Limited; Providus Bank Limited; Stanbic IBTC Nigeria Limited; Standard Chartered Bank; Sterling Bank Plc; Wema Bank Plc; Zenith Bank Plc; Unity Bank Plc; Titan Trust Bank Limited, Union Bank of Nigeria Plc and others.
On August 17, 2021, the Economic and Financial Crimes Commission (EFCC) filed an ex parte application to freeze the assets and money and on Tuesday, August 1, it was approved by Justice Lateefat Okunnu.
Recall that in June 2021, Justice Okunnu sentenced Mr Atuche to six years imprisonment, while the former Chief Financial Officer of Bank PHB, Ugo Anyanwu, was sentenced to four years for stealing and conspiracy to steal to the tune of N25.7 billion.
The judge, while sentencing the duo, had ordered them to make restitution of the sum of N25.7 billion to the federal government to replace the funds stolen from the public to bail out the bank.
While filing an order to freeze the assets and funds of the ex-Bank PHB MD, counsel to the EFCC, Kemi Pinheiro (SAN), informed the court that 15 persons, as well as 22 firms, were used by the convicted former banker and Anyanwu to launder the funds.
Pinheiro listed the individuals to include 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 EFCC counsel further stated that the firms, in which Mr Atuche has an either direct or indirect interest are Aqua Harvest Limited, Hubmart Stores Limited, Hubmart Limited, Sapphire Capital Management Limited, Homeland Real Estate Company Limited, Malechi Foods Limited, Homeland Meridian Partners Limited, Promise Investment Limited and Temple Cottage Hotel Limited.
Others are Wegas Properties Project Limited, Buckhead Construction Limited, Claremount Management Services Limited, Afco Associates Limited, Platinum Capital Limited, Ghazali Yakubu Investment Limited, The Financial (Services) Company Limited, Venture Resources Limited, Elizabeth-A Company Limited, Signature Partners Limited, Purplepay Technologies Limited, Oakwood Asset Management Limited and Conesto Nigeria Limited.
Justice Okunnu granted the 12 prayers of the applicant and held that, “An order is made restraining the first 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 first defendant.”
The judge also held that “the assets or funds included those held indirectly by or for Atuche’s benefit, whether solely or jointly held, that are located in Nigeria or worldwide.”
Justice Okunnu further ordered the freezing of any bank account being run and operated by Mr Atuche “personally or jointly, whether in his personal name or otherwise or with the Bank Verification Number (BVN) 22295357230 in any of the respondent banks to the tune of N19,178,253,050, pursuant to the restitution order made by this honourable court on June 16, 2021.”
Mr Atuche and his privies, including his lawyers, were also barred from presenting to the above-listed 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.”
Justice Okunnu, who also restrained the banks from honouring any such instruction from Mr Atuche and his privies, further held that, “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 first 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.
“A further order is made directing service of the order made herein on persons affected thereby including, in particular, the persons and entities listed in Schedules A and B. by way of advertisement in either The Punch or Thisday or The Guardian newspaper.”
By Modupe Gbadeyanka
Any bank caught supplying minted Naira notes to currency hawkers will have to pay a fine of N150 million, the Central Bank of Nigeria (CBN) has warned.
In a circular issued over the weekend by the acting Director of Currency Operations Department of the central bank, Solaja Olayemi, it was stated that it was becoming embarrassing that new banknotes are hawked at social events when most Nigerians are unable to get cash from Automated Teller Machines (ATMs) of banks or over-the-counter.
The banking system has witnessed shortage of cash for a while, with most ATMs not dispensing cash to customers despite efforts by the regulator to address the situation.
In the notice, the CBN said the distribution of freshly minted Naira notes illegally to currency hawkers will attract a penalty of N150 million per branch involved.
The apex bank disclosed that to curb the illegal practice, it has ramped up enforcement measures, including spot checks at banking halls, ATMs, and mystery shopping at locations linked to currency hawking.
“Any erring deposit money banks or financial institutions that is culpable of facilitating, aiding or abetting, by direct actions or inactions, illicit flow of mint banknotes to currency hawkers and unscrupulous economic agents that commodify Naira banknotes, shall be penalised at first instance N150 million only, per erring branch and at later instances apply the full weight of relevant provisions of BOFIA 2020,” a part of the circular stated.
The notice stressed the importance of banks strengthening their internal controls, particularly in cash management at branches and during teller operations.
By Aduragbemi Omiyale
The Central Bank of Nigeria (CBN) has reaffirmed that the old and new Naira notes will continue to be used for financial transactions in the country beyond December 31, 2024.
There had been rumours that the old and redesigned N200, N500, and N1,000 banknotes would no longer be legal tender from Wednesday, January 1, 2025, because the central bank would phase out the notes in compliance with a Supreme Court judgement of November 29, 2023.
But the apex bank, in a statement signed by its acting Director of Corporate Communications, Mrs Hakama Ali, on Friday, clarified that the apex court’s judgement being cited did not authorise the bank to phase out the banknotes by the end of this year.
According to her, the court allowed the CBN to leave the old and new notes to be used concurrently until it decides to gradually phase out the former.
The central bank’s spokesperson urged members of the public to disregard claims suggesting the old series of these denominations would cease to be valid at the end of this year.
She urged them to continue to accept all Naira notes for daily transactions, encouraging banks to also adopt alternative payment methods such as electronic channels to reduce the pressure on physical cash usage.
“The Central Bank of Nigeria (CBN) has observed the misinformation regarding the validity of the old N1000, N500, and N200 banknotes currently in circulation.
“In line with the bank’s previous clarifications and to offer further assurance, the CBN wishes to reiterate that the subsisting Supreme Court ruling granted on November 29, 2023, permits the concurrent circulation of all versions of the N1000, N500, and N200 denominations of the Naira indefinitely.
“For the avoidance of doubt, all versions of the naira, including the old and new designs of N1000, N500, and N200 denominations, as well as the commemorative and previous designs of the N100 denomination, remain valid and continue to be legal tender without any deadlines,” the statement noted.
By Adedapo Adesanya
Access Bank Plc, the banking subsidiary of Access Holdings Plc, has entered into a binding agreement with South African-based Bidvest Group Limited for the acquisition of 100 per cent equity stake in Bidvest Bank Limited.
The deal for the 24-year-old South African lender is due to be completed in the second half of 2025, upon regulatory approval.
This shows Access Bank’s further expansion plans in line with goals set by its late founder, Mr Herbert Wigwe.
The agreement to acquire 100 percent stake in Bidvest Bank reflects Access Bank’s commitment to strengthening its footprint in South Africa and consolidating on its position as the continent’s gateway to global markets as it seeks to optimise the benefits of recent acquisitions and accelerate its transition towards a greater focus on efficiencies.
Bidvest Bank, founded in 2000 is a niche and profitable South African financial institution providing a diverse range of services, including corporate and business banking solutions and diverse retail banking products.
As of its year ended June 2024, Bidvest Bank reported total assets equivalent of $665million and audited profit before tax of $20million.
Upon conclusion of this acquisition, Bidvest Bank will be merged with the bank’s existing South African subsidiary to create an enlarged platform to anchor the regional growth strategy for the SADC region.
This is coming just as the bank opened a new branch in Malta as part of efforts to focus on international trade finance after obtaining a banking licence from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).
Access Bank said the licence marks a transformative milestone in bolstering Europe-Africa trade flows.
The Maltese branch was established by Access Bank UK Limited, the subsidiary of Access Bank Plc, which is also the subsidiary of Access Holdings Plc, which is listed on the Nigerian Exchange (NGX) Limited.
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