17 Jun Atuche, ex-Bank PHB MD, handed 12-year jail sentence
An Ikeja High Court has sentenced a former Managing Director of the defunct Bank PHB Plc, Francis Atuche, to 12 years imprisonment and former Chief Financial Officer (CFO) of the bank, Ugo Anyanwu, to 10 years, for stealing and conspiracy to steal N27billion.
Atuche’s wife, Elizabeth, discharged and acquitted.
In sentencing the duo, Justice Lateefat Okunnu, upheld the arguments of Senior Advocate of Nigeria (SAN), Kemi Pinheiro, who prosecuted the case on behalf of the Economic and Financial Crimes Commission EFCC with the Fiat of the Attorney General of the Federation (AGF).
Pinheiro had opposed Atuche’s contention that the stolen funds in dispute were loaned, not stolen.
The judge agreed with him. She held that the money belonged to the bank and that it was capable of being stolen.
They were arraigned in 2011 before Justice Lateefa Okunnu of the Ikeja Division of the Lagos State High Court.
Mr Atuche is also standing trial over N125 billion alleged fraud before the Lagos Division of the Federal High Court.
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