Francis Atuche, a former managing director of the defunct Bank PHB Plc, has been sentenced to six years imprisonment over N25.7 billion fraud. Justice Lateefat Okunnu of the Ikeja high court also on Wednesday, June 16, a former Chief Financial Officer (CFO) of the bank, Ugo Anyanwu, to six years imprisonment, over the same crime.

VAM News gathers that the judge, however, discharged and acquitted Atuche’s wife Elizabeth. READ ALSO Just in: EFCC takes action as 5 Sokoto govt officials divert N500m meant for pensioners In sentencing the duo, the judge held that the EFCC proved its case which reportedly dates back over 10 years beyond a reasonable doubt.

N25.7 billion stolen, not loaned

The former bank chief, his wife, and Anyanwu were accused of stealing and conspiring to steal N25.7 billion belonging to the bank. They were arraigned in 2011 before Okunnu and pleaded not guilty.

However, reading her judgment, the judge upheld the arguments of the EFCC prosecutor that the N25.7 billion was stolen, not loaned, as argued by Atuche.

She said: “By stealing from the bank, they stole from innocent customers of the bank. I hereby make an order of restitution against the first and third defendants to refund the sums stated in counts one to 11, 14 and 24.

“The sums are to paid to the relevant agencies that recovered the funds on behalf of the bank.” Okunnu noted that both convicts defrauded the bank using well-recognised stockbrokers to transfer money under the guise of loans and shares, The Cable also reported.

She added: “It was a well-planned, well-executed scheme but the bubble burst when the Central Bank of Nigeria intervened.”