The former Managing Director of Bank PHB, Francis Atuche, who faced allegations of stealing N25.7 billion, was freed Monday after a judge ruled that the Economic and Financial Crimes Commission failed to prove that capital market-based matters fall under the jurisdiction of state high courts.
Justice Lateef Lawal-Akapo held that the prosecution, the EFCC, did not produce any argument as to how 17 of the 27 count charge are connected to shares and stocks.
The judge noted that the other 10 counts were charges relating to stealing and, as such, fall under the jurisdiction of state high courts.