EX-Bank PHB MD, Atuche sentenced to six years in prison for N25.7 billion fraud, wife absolved

Mr. Francis Atuche, the former Managing Director of Bank PHB, who was on trial for stealing N25.7 billion from the bank, was found guilty of theft on Wednesday and sentenced to six years in prison.

Justice Lateefat Okunnu of the Lagos State High Court in Ikeja sentenced his former Chief Financial Officer, Mr. Ugo Anyanwu, who was on trial with him, to four years in prison.

When they were first arraigned on May 17, 2011, Atuche’s wife, Elizabeth, who was also on trial with him, was cleared of conspiracy and stealing charges made against them in a suit brought by the Economic and Financial Crimes Commission.

The jury found the two guilty in a 12-hour trial that began at 9:12 a.m. and ended at 9:21 p.m. on Wednesday.

The EFCC charged them with 27 counts, and they were found guilty of 21 of them.

The prosecution also failed to show any case against Atuche’s wife in the charge of conspiracy and stealing, according to the trial judge.

She also stated that there is no proof linking her to the crime.