The supreme court has affirmed the conviction of Francis Atuche, a former managing director of Bank PHB, over N25.7 billion fraud...
The supreme court has affirmed the conviction of Francis Atuche, a former managing director of Bank PHB, over N25.7 billion fraud.
The apex court held in a unanimous judgment on Friday that Atuche failed to show reasons why the trial court’s findings and those of the court of appeal should be discredited.The court relied on its previous decisions to the effect that where a trial court’s decision on the demeanour of a party or witness is supported by the documentary evidence tendered, an appellate court has no business tampering with the decision of the trial court.
The commission arraigned Atuche, his wife, Elizabeth, and Ugo Anyanwu, who was the bank’s former chief financial officer, for their involvement in a N25.7 billion fraud in 2011 before Lateefat Okunnu, the judge of a Lagos high court.While Atuche got a six-year jail term, his co-convict was sentenced to four years in jail.
Okunnu held that both convicts defrauded the bank using well-recognised stockbrokers to transfer money under the guise of loans and shares. “It was a well-planned, well-executed scheme, but the bubble burst when the Central Bank of Nigeria intervened,” the judge had said.
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