[UPDATED] Ex- Bank PHB MD Atuche Sentenced To 6 Years Imprisonment For N27bn Fraud

*CFO Anyanwu Jailed For 10 Years, Mrs Atuche
Acquitted.

Following a 10-year trial, Francis Atuche, a former Managing
Director of the defunct Bank PHB (now Keystone Bank) and Ugo
Anyanwu, a former Chief Financial Officer (CFO) of the bank, were
on Wednesday sentenced to six and four-years imprisonment
respectively for defrauding the bank of N25.7billion at an Ikeja
High Court.

Atuche’s wife Elizabeth who was facing trial alongside the duo,
was found not guilty of the two-counts of conspiracy and stealing
linked to her.

The News Agency of Nigeria (NAN) reports that Justice Lateefa
Okunnu in a record 12-hour judgment (9:12am to 9:21pm), said that
the Economic and Financial Crimes Commission (EFCC) had proved
beyond reasonable doubt that the convicts committed sheer acts of
fraud.

“The first defendant (Atuche) and the third defendant (Anyanwu)
are found guilty of counts one to 11, 14 to 20, 23 and 24 of the
charges contained in the information and are convicted of
conspiracy and stealing.

“On counts 12, 13, 21, 22 and 26, I pronounce the first to third
defendants not guilty as the prosecution failed to prove its case
beyond reasonable doubt.

“On counts 25 and 27, the second defendant (Elizabeth) is found
not guilty,” Okunnu said.

Sentencing the defendants the judge said Atuche abused his
position of trust by stealing from the bank.

“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.

“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.The sentences
are to run concurrently,” she said.

During the judgment, Okunnu said Atuche and Anyanwu were able to
defraud Bank PHB of billions of Naira using well-recognised
stockbrokers to transfer money belonging to the bank 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 (CBN) intervened,” she
said.

Okunnu also noted that a large volume of documentary evidence
was produced by parties in the case.

She said documents such as bank records, emails and the
statements of key actors in the case played a key role in securing
the conviction of the defendants.

Dismissing the charge of stealing against Elizabeth regarding
two companies affiliated to her which fraudulently received
N2billion worth of Bank PHB shares, Okunnu noted that there is no
act of fraud or dishonesty overt or covert that has been linked to
her.

“Nothing was proved beyond reasonable doubt that she silently or
knowingly endorsed the perpetuation of fraud, rather it was the
first defendant (Atuche).

“On account of this, the prosecution failed to prove its case of
stealing against the second defendant (Elizabeth),” she said.

On the charge of conspiracy against Elizabeth, Okunnu noted that
there was no evidence that linked her to the shares bought for the
two companies affiliated with here.

“I find that the case of conspiracy does not hold,” the judge
said.

Elizabeth who was fervently reciting prayers with a rosary
during proceedings, heaved a sigh of relief upon hearing the
verdict.

The EFCC prosecution team led by Mr Kemi Pinheiro (SAN) had in
2011, charged the trio with 27-counts of conspiracy and stealing
N25.7billion belonging to Bank PHB via fictitious loans and
shares.

Atuche and his spouse were accused of fraudulent conversion of
monies described as bank loans. The couple allegedly diverted funds
belonging to the bank by buying shares for fictitious companies
linked to them.

Anyanwu is accused by the prosecution of using his position as
the bank’s CFO to aid Atuche in committing the alleged crimes.

The anti-graft agency had alleged that the trio stole more than
N25.7 billion belonging to Bank PHB (now KeyStone Bank) while
Atuche was the Chief Executive Officer.

*CFO Anyanwu Jailed For 10 Years, Mrs Atuche
Acquitted.

Following a 10-year trial, Francis Atuche, a former Managing
Director of the defunct Bank PHB (now Keystone Bank) and Ugo
Anyanwu, a former Chief Financial Officer (CFO) of the bank, were
on Wednesday sentenced to six and four-years imprisonment
respectively for defrauding the bank of N25.7billion at an Ikeja
High Court.

Atuche’s wife Elizabeth who was facing trial alongside the duo,
was found not guilty of the two-counts of conspiracy and stealing
linked to her.

The News Agency of Nigeria (NAN) reports that Justice Lateefa
Okunnu in a record 12-hour judgment (9:12am to 9:21pm), said that
the Economic and Financial Crimes Commission (EFCC) had proved
beyond reasonable doubt that the convicts committed sheer acts of
fraud.

“The first defendant (Atuche) and the third defendant (Anyanwu)
are found guilty of counts one to 11, 14 to 20, 23 and 24 of the
charges contained in the information and are convicted of
conspiracy and stealing.

“On counts 12, 13, 21, 22 and 26, I pronounce the first to third
defendants not guilty as the prosecution failed to prove its case
beyond reasonable doubt.

“On counts 25 and 27, the second defendant (Elizabeth) is found
not guilty,” Okunnu said.

Sentencing the defendants the judge said Atuche abused his
position of trust by stealing from the bank.

“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.

“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.The sentences
are to run concurrently,” she said.

During the judgment, Okunnu said Atuche and Anyanwu were able to
defraud Bank PHB of billions of Naira using well-recognised
stockbrokers to transfer money belonging to the bank 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 (CBN) intervened,” she
said.

Okunnu also noted that a large volume of documentary evidence
was produced by parties in the case.

She said documents such as bank records, emails and the
statements of key actors in the case played a key role in securing
the conviction of the defendants.

Dismissing the charge of stealing against Elizabeth regarding
two companies affiliated to her which fraudulently received
N2billion worth of Bank PHB shares, Okunnu noted that there is no
act of fraud or dishonesty overt or covert that has been linked to
her.

“Nothing was proved beyond reasonable doubt that she silently or
knowingly endorsed the perpetuation of fraud, rather it was the
first defendant (Atuche).

“On account of this, the prosecution failed to prove its case of
stealing against the second defendant (Elizabeth),” she said.

On the charge of conspiracy against Elizabeth, Okunnu noted that
there was no evidence that linked her to the shares bought for the
two companies affiliated with here.

“I find that the case of conspiracy does not hold,” the judge
said.

Elizabeth who was fervently reciting prayers with a rosary
during proceedings, heaved a sigh of relief upon hearing the
verdict.

The EFCC prosecution team led by Mr Kemi Pinheiro (SAN) had in
2011, charged the trio with 27-counts of conspiracy and stealing
N25.7billion belonging to Bank PHB via fictitious loans and
shares.

Atuche and his spouse were accused of fraudulent conversion of
monies described as bank loans. The couple allegedly diverted funds
belonging to the bank by buying shares for fictitious companies
linked to them.

Anyanwu is accused by the prosecution of using his position as
the bank’s CFO to aid Atuche in committing the alleged crimes.

The anti-graft agency had alleged that the trio stole more than
N25.7 billion belonging to Bank PHB (now KeyStone Bank) while
Atuche was the Chief Executive Officer.