An Ikeja High Court has convicted a former Managing Director of the defunct Bank PHB (now Keystone Bank) Francis Atuche of N25.7 billion fraud, sentencing him to six years imprisonment in the process.
His co-defendant, Ugo Anyanwu, was also sentenced to four years imprisonment.
The duo was convicted in 21 of 27-count charges against them.
Justice Lateefat Okunnu said the convicts must make restitution as contained in Count 4, noting that the amount stolen was not up to what was alleged in the charge.
The judge discharged and acquitted Atuche’s wife of charges of conspiracy and stealing.
In convicting the duo of Atuche and Anyanwu, the judge upheld the arguments of Senior Advocate of Nigeria (SAN) Kemi Pinheiro, who prosecuted the case with the fiat of the Attorney General of the Federation (AGF).
Pinheiro had opposed Atuche’s contention that the stolen funds in dispute were loaned, not stolen.
“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.
The EFCC alleged that between November 2007 and April 2008, the convicts stole about N25.7bn belonging to the bank.
The defendants had pleaded not guilty.
