OpenLife Nigeria has reliably gathered that the Supreme Court of Nigeria Friday, June 28, 2024, affirmed the conviction of the former Managing Director of Bank PHB Plc, Mr Francis Atuche, for N25.7 billion fraud.
The apex court, in a unanimous decision, held that Atuche, the Appellant, failed to dislodge the finding of the trial court which convicted him and the Court of Appeal which affirmed the conviction.
The judgment brings the criminal charge to finality after over 13 years.
In the lead judgment read by Justice M.A.A. Adumein, the Supreme Court relied on its previous decisions that where the judgment of a trial court on the demeanour of a party or witness is supported by the documentary evidence tendered, an Appellate Court has no business in tampering with the decision of the Court.
In conclusion, the Court held that the Appellant did not give it any reason to tamper with the concurrent finding of the two lower courts.
Atuche, his wife, Elizabeth, and the bank’s former chief financial officer Ugo Anyanwu were in 2011 arraigned by the Economic and Financial Crimes Commission (EFCC) before Justice Lateefat Okunnu of the High Court of Lagos State
They were prosecuted by an EFCC prosecutor, Dr Kemi Pinheiro SAN on a 27-count amended information for their involvement in a N25.7 billion fraud.
The Trial Court after taking evidence of parties in its judgment delivered for almost 12 hours convicted and sentenced Atuche and Anyanwu on the 16th of June 2021 while also discharging and acquitting his wife.
Justice Okunnu noted 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,” she had said.
Not satisfied with the high court judgment, Atuche filed an appeal.
On the 23rd of June 2022 after hearing the appeal, the Court of Appeal affirmed the conviction of both Atuche and Ugo Anyanwu while reducing his sentence to a jail term of 12 years.
The Supreme Court had earlier this year heard Chief Wole Olanipekun SAN, leading Chief Anthony Idigbe SAN and Prof. Fidelis Oditah SAN in the appeal which was initiated by Atuche against his conviction, while a team of lawyers including Pinheiro and Sebastian Hon SAN held the fiat of the Honourable Attorney General of the Federation.

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