Court Declares Ex-Bank PHB MD Atuche Guilty Of N25.7bn Theft

A Lagos High Court sitting in Ikeja, has declared former Managing Director of the defunct Bank PHB, Francis Atuche, guilty of N25.7 billion theft while holding sway at the financial institution.

Channels Television reported on Wednesday that the trial judge, Lateefat Okunnu, convicted Atuche alongside a former Chief Financial Officer of the bank, Ugo Anyanwu.

The matter, which was filed by the Economic and Financial Crimes Commission (EFCC), has been in court since 2012 and the prosecutors had contended that Atuche and a former Chief Financial Officer of the bank, Ugo Anyanwu, connived to defraud the bank.

The charges against them bordered on conspiracy and stealing.

During the long trial, the defendants admitted to have made certain professional mistakes while at the bank.

On her part, Justice Okunnu agreed with the prosecutors that the defendants abused their offices thereby putting the bank at risk.

Channels Television reported that she “held that the EFCC successfully proved its case against the convicts beyond a reasonable doubt.”

However, the wife of the first defendant was said to have been exonerated by the court.

Recall that Atuche is also being tried at the Federal High Court, Ikoyi, Lagos, over an alleged N125 fraud.