Court sentences former Bank PHB Boss, Francis Atuche to over 6 years in prison

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A Lagos High Court sitting in the Ikeja area has sentenced former Managing Director of defunct Bank PHB, Francis Atuche to over 6 years in prison. In a judgment that lasted over 10 hours, Justice Lateefat Okunnu convicted Atuche alongside a former Chief Financial Officer of the bank, Ugo Anyanwu.

The two were convicted on at least 6 of a 27-count amended charge of conspiracy to commit a felony and stealing brought against them by the Economic and Financial Crimes Commission (EFCC). While Atuche who was found guilty on counts 1, 3, 5, 7, 9, and 23 of the charge would serve a 6-year term for each count, Anyanwu will serve a 4-year jail term for counts 2, 4, 6, 8, 10, 11, 22 and 24 of the amended charge.

They are to serve their jail term consecutively. This sentence is coming after a trial that lasted over 12 years. In delivering her sentence, Justice Okunnu held that the EFCC successfully proved its case against the convicts beyond a reasonable doubt. The judge rejected claims by the defendants suggesting that they were merely professionally negligent.

She specifically held that Atuche and Anyanwu abused their powers, ignored established rules and regulations thereby putting the bank and depositors’ funds in danger.

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