Francis Atuche, former Managing Director of the defunct Bank PHB (now Keystone Bank), has been sentenced to six years imprisonment by an Ikeja High Court on Wednesday sentenced for N25.7 billion fraud.
Atuche’s co-defendant, Ugo Anyanwu, was sentenced to four years imprisonment, while the court discharged and acquitted Atuche’s wife, Elizabeth.
Atuche and Anyanwu, a former Chief Financial Officer of the bank, were convicted on 21 out of 27 charges brought against them.
While Anyanwu was sentenced to six years on each count, Anyanwu was sentenced to four years on each count. The sentences will run concurrently. Elizabeth, Atuche’s wife, was accused of conspiracy and stealing.
In sentencing the two on Wednesday, Justice Lateefat Okunnu ordered that they must make restitution as contained in Count 4, but noted that the amount stolen was less than what was contained in the charge against them.
The case was brought against them by the Economic and Financial Crimes Commission.
While convicting Atuche and Anyanwu, Justice Okunnu upheld the arguments Kemi Pinheiro (SAN), who prosecuted the case with the on behalf of the Attorney General of the Federation.
Pinheiro had opposed Atuche’s contention that the stolen funds in dispute were loaned, not stolen.
Justice Okunnu agreed with the prosecution and held that the money belonged to the bank and that it was capable of being stolen.
She therefore convicted Atuche and Anyanwu on counts 1 to 11, 14-20, 23, 24 and 27.
“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 loan could be used for whatever purposes,” she said.
Justice Okunnu held that the EFCC successfully proved its case against the convicts beyond a reasonable doubt.
She also held that the offences for which the convicts were charged can not be said to be mere professional negligence but criminal.
The court held that Atuche and Anyanwu abused their powers and ignored established rules and regulations, thereby putting the bank and depositors’ funds in danger.
The court held that the convicts corruptly took advantage of their positions to confer on themselves undue financial benefits without regard to the health of the bank.
According to the EFCC, between November 2007 and April 2008, the convicts stole about N25.7bn belonging to the bank.
