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

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.
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