Bank PHB: Atuche Gets Appeal Court’s Relief

By Tosin Olatokunbo

Francis Atuche, the former managing Director of defunct Bank PHB’s prison sentence has been reduced to six years.

On June 16, 2021, Justice Lateefa Okunnu of the Lagos State High Court sitting at Ikeja sentenced Atuche, to 12 years’ imprisonment for N25.7bn fraud in the bank, in a charge brought by the Economic and Financial Crimes Commission, EFCC.

Exactly a year after, the Court of Appeal sitting in Lagos which affirmed conviction of the former bank chief executive, has reduced his sentence from 12 years to six years.

The appellate court, also reduced the sentence of Atuche’s co-convict Ugo Anyanwu, who was sentenced to 10 years’ imprisonment by the lower court for stealing and conspiracy to eight years.