Atuche, defunct Bank PHB boss jailed 126 years for stealing N25.7Bn

Justice Lateefat Okunnu of the Lagos State High Court in Ikeja on Wednesday sentenced former managing director of defunct Bank PHB, Francis Atuche and a former Chief Financial Officer of the bank, Ugo Anyanwu, to 126 years imprisonment for stealing a N25.7billion theft belonging to the bank.

Elizabeth, Atuche’s wife, was, however, discharged and acquitted.

The former bank chiefs were convicted by the court on 21 of the 27-count amended charge of conspiracy to commit felony and stealing brought against them by the Economic and Financial Crimes Commission (EFCC).

In a judgement that lasted over 11 hours, Justice Okunnu held that the EFCC successfully  proved its case against the convicts beyond reasonable doubt.

The judge also held that the offences with which the convicts were charged cannot be said to be mere professional negligence as claimed by them but criminal in nature.

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

The court also stated that the convicts corruptly took advantage of their positions to confer on themselves undue financial benefits without regard to health of the bank.

The court, however, cleared Atuche’s wife of the charge of conspiracy and stealing.

According to the judge, the EFCC failed to link her to the crime, stating that suspicion no matter how strong cannot take the place of fact.

She held that it was not proven that she was aware of the source of the fund she received into her account from her husband and she had no powers to take any decision to influence the transaction.

The EFCC alleged that between November 2007 and April 2008, the accused persons stole about N25.7bn belonging to the bank.

The anti-graft agency has claimed that out of the total N25.7bn allegedly stolen by the accused persons, EFCC claimed that they stole about N14.7bn by fraudulently describing it as a loan to some companies and subsequently converted the said sum to personal use.