The Supreme Court of Nigeria has affirmed the conviction of former Managing Director of Bank PHB Plc, Mr. Francis Atuche, for N25.7 billion fraud.
The apex court, today Friday, June 28, 2024, in a unanimous decision, held that Atuche, the Appellant, failed to dislodge the findings 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.
The Supreme Court earlier this year heard Chief Wole Olanipekun (SAN), leading Chief Anthony Idigbe (SAN) and Prof. Fidelis Oditah (SAN) in Atuche’s appeal.
Dr. Kemi Pinheiro (SAN), who held the fiat of the Attorney General of the Federation, led the team of lawyers representing the state, including Sebastine Hon (SAN).
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 demeanor 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 upheld Pinheiro and Hon’s argument 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 arraigned in 2011, by the Economic and Financial Crimes Commission (EFCC) before Justice Okunnu of the High Court of Lagos State
EFCC prosecutor, Dr. Kemi Pinheiro (SAN) preferred 27 amended charges against the three for their alleged involvement in a N25.7bn fraud.
On June 16, 2021, the court convicted and sentenced Atuche and Anyanwu during an almost 12-hour judgment. Atuche’s wife was discharged and acquitted.
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,” Okunnu 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 in Lagos affirmed the conviction of both Atuche and Anyanwu, while reducing his sentence to 12 years in jail.
