Former Chairman of Bank PHB, Prof. Pat Utomi was queried by the counsel to the Economic Financial Crimes Commission (EFCC) over the source of his 2007 presidential campaign funding while he was testifying during the trial of former Managing Director of PHB, Mr. Francis Atuche; his wife, Elizabeth; and a former Chief Financial Officer of the bank, Mr. Ugo Anyanwu on Tuesday.
The EFCC ‘s counsel, Mr. Kemi Pinhero (SAN), had insisted that Bank PHB had granted a N2.7bn loan to Baywood Continental Limited, a commpany chaired by Utomi during the period of his campaign period.
“Baywood was never on PHB’s books until the CBN intervention. It was listed on the Central Bank of Nigeria’s debtor list as a major debtor to PHB”, Pinhero stated.
Pinhero continued that the loan facility granted to Baywood Continental coincided with the period of presidential campaign (2006-2007) as the period of disbursement also coincided with your campaign.
But Utomi however denied the allegation stating that the total amount spent on his presidential campaign was just under N30m which he said is of public knowledge.
He added that that the loan facility was not intended for funding his 2007 presidential campaign and that he also denied the knowledge of the granting of such loan facility to Baywood Continental by the bank while he was the chairman
“I find that insinuation inappropriate and unfair, he complained
When Pinhero questioned Utomi about the N17bn cheque kiting fraud in PHB and asked whether the liquidation of the former PHB was linked to the fraud Utomi explained that the fraud of such magnitude was enough to bring down any bank.
He however berated the vested interest of the presidency in the incident.
“I was surprised that the President of the country would be concerned about private interests in private companies. His interest in the cheque kiting said to have occurred in PHB was personal” Utomi said.
Pinhero claimed that two companies, Gazali Yakubu Limited and Afco Associates Limited, who had benefited financially from Bank PHB, were owned by Atuche and his wife, Elizabeth.
Pinhero put Utomi’s competence in the management of companies at question when he alleged that some companies which Utomi had chaired and acted in an advisory capacity were now moribund.
These companies include Bank PHB, Baywood Continental and Volkswagen Nigeria.
“Bank PHB still exists across the country but new labels have been on it by those who stole it. As for Volkswagen, the decision to scrap the company was made one year before I joined the company. There are records to show that,” Utomi claimed.
It would be recalled that the former Managing Director of PHB, Mr. Francis Atuche; his wife, Elizabeth; and a former Chief Financial Officer of the bank, Mr. Ugo Anyanwu were charged to court by the EFCC for alleged theft of N25.7bn from Bank PHB which is now known as Keystone Bank.