Former Managing Director of the defunct Bank PHB, Mr. Francis Atuche, has been sentenced to six (6) years in jail over N25.7 billion fraud.
Justice Lateefat Okunnu, of the Lagos High Court sitting in Ikeja on Wednesday, also convicted Ugo Anyanwu, a former chief financial officer (CFO) of the bank.
The judge while handing down the sentence, held that the Economic and Financial Crimes Commission (EFCC) proved its case beyond reasonable doubt.
Okunnu, however, discharged Elizabeth, Atuche’s wife, who was standing trial alongside the duo.
The Judge, found Atuche and Anyanwu guilty of conspiracy and stealing on counts one to 11, 14 to 20, 23 and 24.
Atuche’s trial dates back to 2009, when the Central Bank of Nigeria (CBN), under the leadership of Sanusi Lamido, declared Bank PHB as distressed.
The EFCC initially declared Atuche wanted over alleged fraud of N56 billion, after which he was detained for interrogation at the Ikoyi office of the commission.
The EFCC had later arraigned Atuche, his wife, Elizabeth, and Anyanwu for their involvement in N25.7 billion fraud.