Bank PHB’s former MD, Atuche jailed for N25.7bn fraud, wife acquitted


Mr. Francis Atuche, the former Managing Director of Bank PHB who is standing trial for stealing the sum of N25.7 billion belonging to the bank, was found guilty of theft and sentenced to six years imprisonment on Wednesday, June 16, 2021.

His former Chief Financial Officer, Mr. Ugo Anyanwu, was also sentenced to four years imprisonment by Justice Lateefat Okunnu of the Lagos State High Court in Ikeja.

Atuche’s wife, Elizabeth, also standing trial with him, was however discharge of the cases of conspiracy and stealing brought against them in a suit instituted by the Economic and Financial Crimes Commission when they were initially arraigned on May 17, 2011.

The trial judge convicted the duo in a 12-hour long judgment which began at 9:12 a.m and stretched into 9:21 p.m on Wednesday.

They were convicted of 21out the 27-count charges brought against them by the EFCC.

The trial judge also held that in case of conspiracy and stealing against Atuche’s wife, the prosecution failed to prove any case against her.

She added that there’s no evidence that linked her to the offence, therefore she was acquitted.

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