By Innocent Anaba

Lagos—A Federal High Court sitting in Lagos, yesterday, adjourned till October 28 and 29, 2015 for resumption in the trial of former Managing Director of Bank PHB now Keystone Bank Plc, Mr. Francis Atuche, and former Managing Director of the defunct Spring Bank Plc, Mr. Charles Ojo.

The two former bank MDs are standing trial before Justice Saidu Saliu. They are being prosecuted by the Economic and Financial Crimes Commission, EFCC, on an amended 45-count charge of alleged N125 billion fraud, conspiracy, reckless granting and approval of loans and money laundering between September 1, 2006 and 2009.

But they had pleaded not guilty to all the 45 counts, and they are currently on bail.

Atuche and some of his aides were recently discharged on another alleged fraud levelled against them by the anti-graft agency, EFCC, by a Lagos State High Court sitting in Lagos.

The charge preferred against the Atuche and Ojo before the Federal High Court, allegedly  contravene Section 14(1) of the Money Laundering (Prohibition) Act and Section 516 of the Criminal Code Act Cap 38, Laws of the Federation of Nigeria 2004. While offence of reckless granting of loans contravene Section 7(1)(b) of the Advance Fee Fraud and other Fraud Related Offences Act and punishable under section 7(2)(b).