A High Court sitting in Lagos has convicted former Managing Director of the defunct Bank PHB, Francis Atuche, of N25.7 billion fraud.
The Judge, Lateefat Okunnu, also convicted a former Chief Financial Officer (CFO) of the bank, Ugo Anyanwu.
The judge held that the Economic and Financial Crimes Commission (EFCC) proved its case, which dates back over 10 years, beyond reasonable doubt.
However, the Judge discharged Atuche’s wife, Elizabeth who was standing trial alongside the duo.
“The first defendant (Atuche) and the third defendant (Anyanwu) are found guilty on counts one to 11, 14 to 20, 23 and 24 of the charges contained in the information, and are convicted of conspiracy and stealing,” the judge said.
“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 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, however, held that the sentences would run concurrently.
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.
Atuche’s trial began in 2009 when the Central Bank of Nigeria (CBN) declared Bank PHB as distressed.
