Back in the days when Bank PHB (now Keystone Bank Limited) was still very much active and things looked very good for the bank, it was the envy of other banks with their unique form of publicity and adverts especially on TV, there was a particularly popular Bank PHB advert that showed a car being fueled with water and one statement stood out in that advert then "one day cars will run on water, we at Bank PHB are already thinking like that" unfortunately things have not turned out wonderful for the bank, Bank PHB may have indeed moved forward as it is now Keystone Bank but one battle that has continually raged is between EFCC and Francis Atuche.
Francis Atuche did nothing but loot Bank PHB to the point of crashing only, several cases of embezzlement and diversion of customers funds have been filed against him, several of which includes the stealing of N4.2 billion from Caverton Helicopters Ltd.
Reports indicate that Mr. Atuche and Funmi Ademosun, a former director of the bank, were charged to court for allegedly stealing the money. The Economic and Financial Crimes Commission (EFCC) had alleged that the two accused persons conspired to steal N4.2 billion from Caverton Helicopters in September 2009, it was this very period that Francis Atuche acquired a 1,050,000 Pounds worth of real estate in London United kingdom (see documents attached below)
An EFCC operative, Ngunah Kakwagh, also claimed that Mr. Atuche sold 241 million units of Afribank shares belonging to Caverton Helicopters, without authorization from the owners, even though Francis Atuche has desperately denied these charges and has made desperate attempts to force the court to dismiss these charges. The fight is still on and the cases are still pending in the courts and we only hope that the prosecution of this man doesn't eventually get cold and swept under the carpet like every other high profile of this manner.
Francis Atuche and his co-conspirators looted and stole Bank PHB funds through various dubious channels. Bank PHB was registered in London by Francis Atuche (Certificate attached).
He opened up several accounts and secured mortgages for his selfish interests. After utilizing the bank as a looting front, he dissolved it in 2011 (Documents attached)
This was the same pattern applied by Erastus Akingbola of Intercontinental Bank. We indeed had an era of Rogue Bankers. Watch out for the mother of Rogue Bankers soon