Renowned
economist Prof. Pat Utomi yesterday told an Ikeja High Court that the late
Umaru Musa Yar’ Adua, Central Bank of Nigeria (CBN) Governor Mallam Sanusi
Lamido Sanusi and others conspired to steal Platinum Habib Bank otherwise known
as Bank PHB from its original shareholders.
Utomi
told Justice Lateefat Okunnu in the ongoing trial of the former managing
director of Bank PHB, Francis Atuche, his wife, Elizabeth, and a former Chief
Financial Officer, Ugo Anyanwu, how the Presidency perfected plans to hijack
the bank.
He gave
the testimony during the trial of the defendants accused of stealing N32.2
billion belonging to the bank.
Utomi
did not, however, expatiate on how the government implemented its agenda to
hijack the bank from the original shareholders.
Led in
evidence by Atuche’s counsel, Chief Anthony Idigbe (SAN), Utomi, a major
shareholder in the bank, said: “The late President Yar’ Adua invited me to the
villa and subsequently brought a petition against the Bank PHB and made some
allegations against it.”
Adding
that the former Attorney-General of the Federation and Minister of Justice, Mr.
Michael Andoakaa (SAN), was in attendance at the meeting with President, Utomi
said: “Immediately I left the villa, I called and warned Atuche that there was
a decision in the villa to go after Bank PHB.
“There
was an attempt to steal Bank PHB by public officials and I warned Atuche about it.”
Utomi
also referred to a book written by President Yar’Adua’s former Senior Special
Adviser (Media). Mr. Segun Adeniyi, in which he claimed that it was decided in
the villa that they would go after Bank PHB.
He also
told the court that he had discussions with the CBN governor on the possibility
of removing Atuche from the board of the bank and this proposal was accepted to
CBN.
Testifying
further, Utomi said the reform process carried out by CBN was targeted at
certain individuals rather the financial institutions.
He
said: “Following the reformed process by CBN with no consultation, the bank was
forcefully taken over by the CBN officials. I later discovered the bank was
declared not to pass the distress test.”
Utomi
told the court that Bank PHB was one of the top rated banks in the country at
the time, adding that no matter the yardstick used, the bank ought to have been
rated high then.
He said
prior to the takeover of the bank in October 2, 2008, the bank was among the
top eight Nigerian banks with assets of over N1trillion under Atuche’s
management.
Utomi
explained that the CBN invited Bank PHB at a time to rescue Spring Bank and it
rescued Spring Bank and also made it attractive for prospective investors.
He said
Bank PHB built its assets significantly and was able to make case for Spring
Bank.
Utomi
said: “As at 2008 to 2010, Bank PHB was confirmed to be a very strong bank. It
was in the list of first to sixth banks in the country as at then.”
Utomi
testified that Bank PHB was a high growth bank since 2005 to 2009 where it had
a quantum leap of capital base from N25 billion in 2005 to N1 trillion in 2008,
adding that in most countries of the world, it would be considered as an extra
ordinary high growth enterprise.
He said
he had a fair amount of shares in the bank and till date, nothing had been
communicated to him in respect of his investment.
Utomi,
however, said he had challenged the forcible takeover of Bank PHB in court.
via National Mirror
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