N7bn Fraud: Francis ‘Atuche's Conviction, Jail Term Upheld' — Supreme Court

The conviction of the former Managing Director of Bank PHB Plc, Francis Atuche, for N25.7 billion fraud, was affirmed today. 

Atuche's conviction was affirmed by the Supreme Court of Nigeria, which in a unanimous decision held that the former bank Chief failed to dislodge the findings of the trial court which convicted him and the Court of Appeal which affirmed the conviction.

The apex court in its lead judgment read by Justice M.A.A. Adumein, relied on 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 has no business in tampering with the decision of the court.

In conclusion, the Supreme Court declared that the appellant did not give it any reason to tamper with the concurrent findings of the two lower courts.

It would be recalled that Atuche, his wife, Elizabeth, and the bank’s former chief financial officer, Ugo Anyanwu were in 2011 arraigned by the Economic and Financial Crimes Commission, EFCC, before Justice Lateefah Okunnu of the High Court of Lagos State, Ikeja.

They were prosecuted on 27-count amended information over their involvement in a N25.7 billion fraud.

After taking evidence from parties, Justice Okunnu in her judgment delivered for almost 12 hours, convicted and sentenced Atuche and Anyanwu on June 16, 2021, while also discharging and acquitting his wife.

Justice Okunnu held that both convicts defrauded the bank, using well-recognised stockbrokers to transfer money under the guise of loans and shares.

According to Justice Okunnu, “It was a well-planned, well-executed scheme, but the bubble burst when the Central Bank of Nigeria intervened.”

Dissatisfied with the verdict of the High Court, Atuche filed an appeal.

On June 23, after entertaining the appeal, the appellate court affirmed the conviction of both Atuche and Ugo Anyanwu while reducing his sentence to a jail term of 12 years.

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