The Supreme Court has upheld the conviction of former Managing Director of Bank PHB Plc, Mr Francis Atuche, over N25.7 billion fraud.
The court unanimously said Atuche did not dislodge the finding of the trial court which convicted him and the Court of Appeal which affirmed the conviction, thus ending over 13 years of his prosecution.
Justice M.A.A. Adumein who read the lead judgement cited its previous decisions that where the judgment of a trial court on the demeanour of a party or witness is supported by the documentary evidence tendered, an Appellate Court should not tamper with the decision of the Court.
The apex court conclusively held that Atuche failed to state why with the concurrent finding of the two lower courts should be tampered with.
The Economic and Financial Crimes Commission (EFCC) dragged Atuche, his wife, Elizabeth, and the bank’s former chief financial officer, Ugo Anyanwu, in 2011 before Justice Okunnu of the High Court of Lagos State
EFCC’s prosecutor, Dr. Kemi Pinheiro (SAN), prosecuted the defendants on a 27-count amended information for their involvement in a N25.7 billion fraud.
The lower court took evidence of parties in its judgment delivered for almost 12 hours to jail Atuche and Anyanwu on June 16, 2021 while also discharging and acquitting his wife.
Justice Okunnu said they defrauded the bank using well-recognised stockbrokers to transfer funds under the guise of loans and shares.
“It was a well-planned, well-executed scheme but the bubble burst when the Central Bank of Nigeria intervened,” she had said.
Atuche appealed the judgement.
On June 23, 2022, the Court of Appeal confirmed the jailing of both Atuche and Ugo Anyanwu but slashed the jail term of 12 years.
The Supreme Court had earlier this year heard Atuche’s appeal made on his behalf by Chief Wole Olanipekun SAN, leading Chief Anthony Idigbe SAN and Prof. Fidelis Oditah SAN, while Dr. Pinheiro SAN who held the fiat of the Honourable Attorney General of the Federation led the team of lawyers representing the state, including Sebastine Hon SAN.
