BENIN CITY – The former Managing Director of the defunct Bank PHB, Francis Atuche has been sent to six years imprisonment for defrauding the financial institution of N25.7billion.
Justice Lateefa Okunnu of Ikeja High Court pronounced the sentence in her 12-hour judgement, ruling that “after careful studying the case of N25.7billion fraud levelled against you Francis Atuche and proved that you are guilty of 21 out 27 counts charges against you. You are hereby sentenced to 24 years imprisonment, which jail terms are to run consecutively”.
With the pronouncement, the ex MD after been on trial for 10 years, is to be in prison for six years.
In the judgement, Justice Okunnu held that the Economic and Financial Crimes Commission (EFCC) had proved the case beyond reasonable doubt that Atuche actually committed the crime.
His former Chief Financial Officer, Mr. Ugo Anyanwu standing trial alongside him was also sentenced to four years by Justice Lateefa Okunnu of the Lagos State High Court in Ikeja.
Okunnu however discharged Atuche’s wife Elizabeth who was facing trial alongside the duo.
Atuche’s wife, Elizabeth standing trial with him, was found innocent and discharge of the charges of conspiracy and stealing brought against them in a suit instituted by the Economic and Financial Crimes Commission, EFCC when they were initially arraigned on May 17, 2011.
Finally, the trial judge convicted the duo in a 12-hour long judgement which began at 9:12 a.m and stretched into the hours and minutes of 9:21 p.m on Wednesday.
The trial judge also held that in case of conspiracy and stealing against the 2nd defendant, the prosecution failed to prove any case against her.
She added that there’s no evidence that linked her to the offence.
