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Former Bank PHB MD, stockbroker, Ololo arrested

By Innocent Anaba, Lagos
Economic and Financial Crimes Commission (EFCC), yesterday in Lagos arrested the former Managing Director of Bank PHB, Mr Francis Atuchie, and a stockbroker, Mr Peter Ololo. Ololo interestingly is standing trial before a Federal High Court, Lagos, alongside Mr Sebastian Adigwe, sacked Managing Director of Afribank Plc, in connection with the debt he  (Ololo) and his company, Falcon Securities Ltd are owing Afribank.  They  were recently admitted to bail by the court.

The EFCC’s spokesman, Mr Femi Babafemi, told newsmen that the two men were picked up early yesterday by the commission’s operatives.

He declined to give any information on where the officials were detained in Lagos and when they would be charged to court.

Ololo, it was gathered was arrested in connection with an alleged N4.6 billion debt owed Bank PHB by Petosan Oil and Gas Company, suspected to be owned by him.

Babafemi said the EFCC Chairman, Mrs Farida Waziri, was in Lagos on Thursday,  to discuss with the commission’s operatives on how best to tackle the new debtors.

Waziri who was accompanied by some operatives, was in Lagos to arrest some of the new debtors, whose names were released by the Central Bank of Nigeria (CBN) on Wednesday.

She had told newsmen in Abuja after a closed-door meeting with members of the National Assembly, that she was concerned about bad loans, illegal loans and loans given without collateral.

“We do not touch the regular borrowers. We usually ask them to go, even when they wander into our offices. We only advise them to go and reconcile the accounts,” she said.


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