BY ABDULWAHAB ABDULAH

LAGOS—An Ikeja High court presided over by Justice Lateefat Okunnu yesterday refused an application  seeking a stay of proceedings of the N25.7 billion theft charge pressed against former Managing Director of Bank PHB, Francis Atuche.

The ex-bank chief, his wife, Elizabeth were charged by the Economic and Financial Crimes Commission, EFCC, alongside a former Chief Financial Officer of the bank, Ugo Anyanwu for allegedly stealing the money from defunct Bank PHB while Atuche held sway as its Chief Executive Officer.

Arguing their application, Chief Anthony Idigbe, SAN, who represented Atuches prayed the court to stay proceedings of the trial pending the determination of the various appeals filed by both the defence and prosecution at the Court of Appeal, Lagos Division.

The appellate Court had struck out the theft charges preferred against a former Managing Director of Finbank Plc, Mr.  Okey Nwosu, who was standing related charges like Atuches.

Opposing the application, EFCC counsel, Mr. Kemi Pinheiro, SAN, said the application should be dismissed for being an abuse of court processes.

Justice Okunnu in her ruling  held that Section 273 of the Administration of Criminal Justice Law, ACJL, prohibited her from entertaining the application.

Okunnu said Section 40 of the Economic and Financial Crimes Commission, EFCC, Act also compelled her not to determine the application.

According to her, Section 36 of the 1999 Constitution of the Federal Republic of Nigeria provides that a criminal charge should be concluded in a timely manner.