Headlines

N25.7bn fraud: Appeal Court affirms conviction of ex-Bank PHB MD, Atuche, others

Atuche and wife

Owolola Adebola

A three-man panel of the Court of Appeal, Lagos Division, on Thursday, June 23, 2022, upheld the conviction of a former Managing Director of the defunct Bank PHB Plc, Francis Atuche, as well as the bank’s former Chief Financial Officer, Ugo Anyanwu.

Atuche and his co-convict, Anyanwu, had approached the appellate court to set aside their conviction by Justice Lateefa Okunnu of the Lagos State High Court sitting in Ikeja, Lagos on June 16, 2021, over a N25.7 billion fraud.

The panel, comprising Justices Sadiq Umar, Adebukola Banjoko and Kayode Bada, while resolving all the issues in the appeal in favour of the Economic and Financial Crimes Commission, (EFCC) except the sentencing, also clarified that Atuche’s jail term was 12 years concurrently, rather than 120 years, handed down by the lower court, if calculated consecutively.

Also, the panel reduced Anyanwu’s jail term from 10 years to eight years and affirmed the discharge and acquittal of Atuche’s wife, Elizabeth.

In an abridged ruling read by Justice Umar, the three-man panel upheld the EFCC’s arguments and unanimously dismissed the appeal.

It would be recalled that, in 2021, Justice Okunnu, while sentencing Atuche and Anyanwu, had upheld the arguments of the prosecution counsel, Kemi Pinheiro, SAN.

About three years after their arraignment by the EFCC in 2011, they had approached the Court of Appeal, to challenge their trial by the lower court for lack of jurisdiction.

But in a judgment delivered in September 2016, the court ordered Justice Okunnu to hands-off the trial but did not quash the numbers of counts against the defendants.

Consequently, the EFCC approached the Supreme Court to set aside the judgment and order a trial in the matter.

In its judgment, the apex court directed that the case be returned to Justice Okunnu for the continuation of trial.

While the trial lasted, Pinheiro opposed Atuche’s contention that the funds in dispute were loaned and not stolen.

Delivering judgment, Justice Okunnu had held that “The first and third defendants did not debunk the evidence of the prosecution that the loans were used to purchase shares.

“They rather contended that the monies granted as a loan could be used for whatever purposes.” The trial court, therefore, sentenced Atuche and Anyanwu, but acquitted Atuche’s wife.

Headlines

The rise and transition to glory of NPA’s Paul (Texas) Erakhifu

Tribute by Ikechukwu Onyemekara

GM Corporate Affairs, NPA

From humble beginnings at the Nigerian Ports Authority (NPA) when he was employed on October 17th 1994 (same month of his birth) as a junior staff on Grade Level 3, Paul Ikherovba Erakhifu popularly known as “Texas” by dint of diligence, determination, discipline and desire, rose to the defining role of senior staff Grade Level 13 in a career marked by sterling contributions and indelible impact till his return to his maker on Friday 1st May, 2026.

Although we cannot determine our appointed date of birth and death, we definitely can determine how we want to be remembered.

Texas by his uncommon commitment to his craft (photography) and his contagious sense of humor which he generously doled out to all who came in contact with him, definitely and intentionally set out to be remembered for good.

Looking back, it is plausible that with his popular refrain “you have made my day” and “powerful” which were his default response to most of those who encountered him on and off duty, late Texas was informing us that he would make his days on earth powerful, which he did with grace and honor as can be gleaned from his professional and career trajectory.

Not one to squander opportunities for career growth and personal development, Texas proceeded to earn a Bachelor of Arts degree in Literature in the year 2005, Master Degree in International Relations in 2012 and a Master of Science (MSc.) in Mass Communication.

Poised to get ahead and be equal to the exigency of his chosen craft, Texas trained at the London Film Academy, London Academy of Media, Film & Television and the Texas School of Photography USA in fulfillment of his lifelong admiration for the American city of Texas for which he adopted the sobriquet “TEXAS”.

The life and times of Texas validated the Biblical truism that “that a man diligent in his business shall stand before kings and not mean men”.

Indeed, Texas was diligent in his business and stood before kings both in Nigeria and Internationally as he was widely travelled for high level official engagements in company of various chief executives of the Authority to Belgium, Netherlands, Germany, United Kingdom, USA, Japan, Ghana, Togo, Congo, Guinea, South Africa, amongst others.

Although Texas will be sorely missed and has left a vacuum so wide and difficult to fill, we will take solace in the immortal words of James Wrubel that “no one truly dies who is remembered”.

We continue to remember and celebrate his good deeds, exceptional sense of humor and his contribution to the advancement of knowledge evidenced his authorship of two books with which he lighted paths and lightened burdens.

Headlines

Yinka Onigbinde election as MARAN president excites SIFAX Group

– pledges support for his administration

Gloria Odion, Maritime reporter

The SIFAX Group has congratulated Mr. Oluyinka Onigbinde on his election as the new President of the Maritime Reporters Association of Nigeria (MARAN).

The Group described his emergence as a reflection of his professionalism and dedication to maritime journalism.

The congratulatory message was conveyed in a formal letter signed by Dr. Taiwo Afolabi, Chairman of SIFAX Group, on behalf of the Board, Management, and Staff of the conglomerate.

In the letter, Dr. Afolabi described Mr. Onigbinde’s election as well-deserved, noting that his consistent contributions to maritime journalism and the broader maritime industry over the years had earned him the confidence of his colleagues.

“Your emergence as the President is proof of your professionalism, dedication, and consistent contributions to maritime journalism and the broader maritime industry over the years,” Afolabi stated.

Afolabi expressed confidence that the association would continue to advance the ideals of professionalism, ethical journalism, unity, and constructive engagement within the maritime sector under Onigbinde’s leadership.

He further noted that the new president’s tenure was expected to strengthen the media’s role as a vital partner in the growth and development of Nigeria’s maritime industry.

Afolabi, who serves as Patron of MARAN, assured Onigbinde of his goodwill and support as the new president works towards advancing the association, while wishing him wisdom, strength, and outstanding success in the discharge of his duties.

Headlines

The Billion-Naira Ballot: Can digital primaries finally cure Nigeria’s “Delegate Disease”?

MONDAY DISCOURSE with NASIRU

“Whatever is hidden by the fog of political intrigue is eventually revealed by the light of the ballot.”

This maxim captures the true essence of Nigeria’s current political transformation as we navigate the high-stakes journey toward 2027.

In May 2026, the landscape is defined by a massive administrative and financial pivot, where the intersection of a record-breaking ₦1 trillion election budget and the mandatory shift to digital democracy has created a fortress that is reshaping how power is won and funded.

This record allocation, driven by a ₦1.01 trillion statutory transfer to INEC, represents a massive liquidity injection that is both a logistical necessity and a significant inflationary risk.

High inflation, reaching 23.7% in April, has drastically increased the costs of logistics, while over ₦209 billion is earmarked for technological integrity, including a massive overhaul of 200,000 BVAS units to ensure the digital transparency mandated by the Electoral Act 2026.

The 15 year reliance on the “delegate system” has officially been abolished, replaced by a revolution that permits only two nomination modes: Direct Primaries or Consensus. This shift to a “one member, one vote” system is intended to curb the influence of “Money Bags” and “Ghana-Must-Go” politics by moving power from a few thousand delegates to millions of registered party members.

However, this democratic ideal has birthed an operational nightmare for party administrations, who must now fund ward-level voting for their entire memberships. This strain has led to skyrocketing nomination fees, with the APC presidential ticket pegged at ₦100 million just to cover these new logistics.

Consequently, while the concentrated delegate market has vanished, political spending has merely decentralized, forcing aspirants to “induce” thousands of voters across every ward in the country.

A new digital arms race has emerged under Section 77 of the 2026 Act, which requires parties to submit a digital membership register linked to NINs to INEC at least 21 days before any primary.

The ruling APC has already registered over 12 million members online, claiming a head start in digital compliance. In contrast, the opposition has undergone a seismic shift; on Sunday, May 3, 2026, Peter Obi and Rabiu Kwankwaso formally joined the Nigeria Democratic Congress (NDC). This “NDC Surge” has reportedly seen over 10 million Nigerians register with the party within its first 24 hours, as Obi cited the “toxic” environment and endless litigation within the ADC as his reason for seeking a more stable platform.

The NDC, led by former Bayelsa Governor Seriake Dickson, is now the primary challenger racing to consolidate its digital register before the looming May primary deadlines.

Beyond the internal party mechanics, the broader economic impact is staggering. The election budget contributes significantly to a ₦23.85 trillion deficit in the 2026 budget, narrowing the fiscal space for long-term development.

Economists, including the Central Bank Governor, have warned that this ₦1 trillion injection poses a severe inflationary risk that could destabilize ongoing reforms. Furthermore, the government has set aside ₦135.22 billion specifically for electoral adjudication, signaling an expectation of intense post-election litigation.

As we move toward the off-cycle governorship tests in Ekiti and Osun states, the question remains: is Nigeria ready for the transparency of a unified digital window, or will the costs of this “Digital Democracy” bankrupt the very system it seeks to save?

Chief Ibrahim Nasiru, a public affairs analyst, writes from Abuja