By Dipo Olowookere
The former Managing Director of the defunct Bank PHB Plc, Mr Francis Atuche, has been convicted by a court sitting in Lagos.
The ex-banker was sentenced on Wednesday by the Ikeja Division of the Lagos State High Court for his role in a fraud worth N25.7 billion.
Ruling on the matter, Justice Lateefat Okunnu held that Mr Atuche was found guilty of counts 1, 3, 5, 7, 9, and 23 of the charge and would serve a 6-year term for each count concurrently.
Recall that the banker, alongside the former chief financial officer of the financial institution, Ugo Anyanwu, was arraigned by the Economic and Financial Crimes Commission (EFCC).
During the ruling, the judge held that the EFCC successfully proved its case against the convicts beyond a reasonable doubt.
She said Anyanwu was found guilty of counts 2, 4, 6, 8, 10, 11, 22 and 24 of the amended 27-count charge and would serve a 4-year jail term.
According to her, both convicts abused their powers, ignored established rules and regulations thereby putting the bank and depositors’ funds in danger.
“The convict stole from the bank and depositors and because of their action, taxpayers money was used to bail out the bank,” she held.
Justice Okunnu said the court also came to the conclusion that the convicts corruptly took advantage of their positions to confer on themselves undue financial benefits without regard to the health of the bank.
She ordered them to pay back the sum of N25.7 billion to the federal government, which bailed out the financial institution as a result of their actions.
