Bank Fraud: Elizabeth Atuche Gets Conditional Bail

SAN FRANCISCO, May 19, (THEWILL) - Embattled wife of the former managing director of Bank PHB, Mrs. Elizabeth Atuche was today granted bail under very stiff conditions.

Elizabeth is being prosecuted by the Economic and Financial Crimes Commission (EFCC) alongside her husband, the former GMD of the bank, Mr. Francis Atuche following their alleged theft of depositors’ funds held at Bank PHB running in several billions of naira.

Justice Lateefah Okunnu of the Lagos State High Court Ikeja granted her bail in the sum of N50 million with two sureties in the like sum, who must show proof to the court that they have paid their taxes for the last three years.

Part of the bail conditions include that one of the sureties must be resident in Lagos, employed by a reputable firm or self employed with a land asset with a minimum value of N25 million.

The other surety must be a member of the Board of Director of a reputable firm or public corporation which operates in Nigeria and must have its head office either in Lagos or Abuja.

Elizabeth Atuche would also have to deposit her travel documents with the court and barred from leaving the shores of Nigeria, with an order to also report to the office of the EFCC on the first working day of every month until the matter is concluded in court as part of the stringent bail deal

Justice Okunnu fixed her trial for July 5, 2011.
Mr. Atuche’s bail hearing comes up tomorrow (Friday) in a separate court.