The Supreme Court of Nigeria on Friday, has finally affirmed the conviction of Francis Atuche, former Managing Director of defunct Bank PHB, stemming from a N25.7 billion fraud case.
The judgement was delivered by Justice Moore Adumein.
Nairametrics previously reported that the Court of Appeal in Lagos and a HIgh Court had in 2022, convicted the ex-Bank MD in a suit instituted by the Economic and Financial Crimes Commission (EFCC)
Ex-MD’s appeal
Atuche’s legal team had approached the Court of Appeal after his conviction by a High Court.
At the high court, he and Ugo Anyawu,a Chief Financial officer of the bank at the time, were arraigned on a 27-count charge of conspiracy to commit felony and stealing but they pleaded not guilty.
Atuche’s legal team had told the Appeal Court that the lower court erred in law while the prosecution misrepresented facts against its client.
But the Appeal Court overruled Atuche’s submissions, agreeing with the lower court’s decision to convict the duo.
The appellate court sentenced Mr Atuche to six years in prison while Mr Anyawu was jailed for four years.
Atuche then appealed to the Supreme Court for final determination of the matter.
What the apex court said
Delivering its judgement on Friday, Adumein held that his legal team did not provide any credible evidence to discredit the findings of the two lower courts.
The apex court subsequently dismissed his appeal and affirmed his conviction.
By the apex court’s decision, the ex-Bank MD is to complete his jail term.
What you should know
In 2011, the EFCC arraigned Mr Atuche, his wife Elizabeth and Mr Anyanwu, for conspiracy and stealing to the tune of N25. 7 billion and trial commenced.
After 12 years of trial, on June 16, 2021, Justice Lateefa Okunnu of the Lagos State High Court sentenced Mr Atuche alongside Mr Anyanwu for fraud committed in the bank.
His wife, Elizabeth was discharged and acquitted of the charges proffered against her.
She was discharged on the grounds that the Commission failed to link her to the crime as suspicion could not take the place of fact.
The judge held that the prosecution could not prove that she was aware of the source of the funds she received from her husband.
The trial judge had held that “The first defendant is hereby sentenced to six years imprisonment on counts one to 11, 14 to 20, 23 and 24,”
“The third defendant is hereby sentenced to four years imprisonment on counts one to 11, 14 to 20, 23 and 24.”