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Home | Lagos High Court freezes Atuche’s Assets worth N19.17bn

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Lagos High Court freezes Atuche’s Assets worth N19.17bn

Published: June 13, 2025
Last updated: June 13, 2025
3 Min Read
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Lagos High Court freezes Atuche's Assets worth N19.17bn | Daily Report Nigeria
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Ex- bank Boss, Atuche’s N19.17bn gets frozen by the Court

According to reports by the Punch NG, a Lagos state High Court in Ikeja has frozen the assets and funds belonging to the convicted managing Director of the defunct Bank PHB, Francis Atuche.

Justice Lateefat Okunnu made the order sequel to an August 17 application by the EFCC in a suit between the Federal Government and Ex- bank Boss Atuche, as well as Ugo Anyanwu, the first and second defendants respectively.

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Anyanwu, a former Chief Financial Officer of the bank, is also serving time in jail following his conviction and sentencing to six years’ imprisonment on June 16, 2021 for fraud involving about N25.7bn.

Justice Okunnu, while sentencing the duo, had ordered that they should make a restitution of N25.7bn to the Federal Government in order to replace the funds stolen from the public to bail out the bank.

The judge, therefore 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, as well sections 290, 294 and 297 of the Administration of Criminal Justice Law, 2015.

The application was filed by the Economic and Financial Crimes Commission prosecution team, led by a Senior Advocate of Nigeria, Mr Kemi Pinheiro.

Justice Okunnu held, “An order is made restraining the first defendant, whether by himself, or acting through the persons or entities listed from dealing with the value of the assets and proceeds of economic and financial crimes or otherwise in the name of the first defendant.”

The judge further froze any bank account being run and operated by Atuche, personally or jointly, whether in his personal name or otherwise in any of the respondent banks to the tune of N19.17bn.

The judge added,

“A mandatory order of injunction is made directing the named respondent’s banks to file within 48 hours of service of the order of this honourable court on the returns of the statements of account of the first defendant.”

EFCC had said that 15 persons were used by Atuche to launder the funds.

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

 

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