LAGOS — The former MD of a defunct PHB bank, Francis Atuche has been convicted by an Ikeja high court over a N25.7 billion fraud.
The banker was convicted on Wednesday by Lateefat Okunnu, the judge, in a hearing that lasted hours. The court also convicted Ugo Anyanwu, a former chief financial officer (CFO) of the bank.
Atuche’s trial dates back to 2009, when the Central Bank of Nigeria (CBN), under the leadership of Sanusi Lamido, declared Bank PHB as distressed.
The judge held that the Economic and Financial Crimes Commission (EFCC) proved its case — which dates back over 10 years — beyond a reasonable doubt.
Okunnu, however, discharged Elizabeth, Atuche’s wife, who was standing trial alongside the duo.
“The first defendant (Atuche) and the third defendant (Anyanwu) are found guilty of counts one to 11, 14 to 20, 23 and 24 of the charges contained in the information, and are convicted of conspiracy and stealing.
“On counts 12, 13, 21, 22, and 26, I pronounce the first to third defendants not guilty as the prosecution failed to prove its case beyond a reasonable doubt.
“On counts 25 and 27, the second defendant (Elizabeth) is found not guilty.
“By stealing from the bank, they stole from innocent customers of the bank. I hereby make an order of restitution against the first and third defendants to refund the sums stated in counts one to 11, 14, and 24.
“The sums are to paid to the relevant agencies that recovered the funds on behalf of the bank.
“The first defendant is hereby sentenced to six years imprisonment on counts one to 11, 14 to 20, 23, and 24. The third defendant is hereby sentenced to four years imprisonment on counts one to 11, 14 to 20, 23, and 24,” the judge said
On Atuche’s wife, the judge said there was no proof that the two companies affiliated to Elizabeth fraudulently received N2 billion worth of Bank PHB shares.
“Nothing was proved beyond reasonable doubt that she silently or knowingly endorsed the perpetuation of fraud. Rather, it was the first defendant (Atuche). On account of this, the prosecution failed to prove its case of stealing against the second defendant (Elizabeth),” Okunnu said.
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