Francis Atuche, a former Managing Director of the defunct Bank PHB (now Keystone Bank) to six years’ imprisonment for defrauding the bank of N25.7 billion.
In a 10-hour judgment, Justice Latifat Okunnu also sentenced Ugo Anyanwu, a former Chief Financial Officer of the bank to four-year imprisonment.
The judge held that the Economic and Financial Crimes Commission proved beyond reasonable doubt that the convicts committed fraud.
Okunnu, however, discharged Atuche’s wife Elizabeth, who was facing trial alongside the duo.
The judge held:
The first defendant (Atuche) and the third defendant (Anyanwu) are found guilty of counts one to 11, 14 to 20, 23 and 24 of the charges contained in the information, and are convicted of conspiracy and stealing.
On counts 12, 13, 21, 22 and 26, I pronounce the first to third defendants not guilty as the prosecution failed to prove its case beyond reasonable doubt.
On counts 25 and 27, the second defendant (Elizabeth) is found not guilty.
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Sentencing the defendants, the judge said that Atuche abused his position of trust by stealing from the bank.
Okunnu said:
By stealing from the bank, they stole from innocent customers of the bank.
I hereby make an order of restitution against the first and third defendants to refund the sums stated in counts one to 11, 14 and 24.
The sums are to paid to the relevant agencies that recovered the funds on behalf of the bank.
The first defendant is hereby sentenced to six years’ imprisonment on counts one to 11, 14 to 20, 23 and 24,” Okunnu said.h
The third defendant is hereby sentenced to four years’ imprisonment on counts one to 11, 14 to 20, 23 and 24.