Bank PHB: In Jail For Fraud, Atuche’s Problem Gets Worse

By Fola James

No respite is coming the way of a former Managing Director of Bank PHB, Francis Atuche, two months after he was sentenced to six years imprisonment by an Ikeja High court.

A Lagos State High Court presided over by Justice Lateefat Okunnu has frozen his assets and funds to the tune of N19,178,253050 billion.

Justice Okunnu granted an order “restraining the 1st Defendant (Atuche) whether by himself or acting through the persons or entities listed or such other persons including but not limited to his family members or agents, from removing, alienating, disposing of, dealing with or diminishing the value of assets, proceeds of economic and financial crimes or otherwise in the name of the 1st Defendant…”

The judge further froze any bank account being run and operated by Atuche “personally or jointly, whether in his personal name or otherwise or with the Bank Verification Number: 22295357230 in any of the respondent banks to the tune of N19,178,253,050.00 only, pursuant to the Restitution Order made by this Honourable Court on the 16 day of June 2021.

Atuche, alongside Ugo Anyanwu, the Chief Financial Officer, CFO were jailed, two months ago by the same court for stealing N25.7 billion

While sentencing the duo in June, the judge said they conspired to steal the money by using well-recognised stockbrokers to transfer money under the guise of loans and shares. According to her, the fraud would have gone unnoticed if the Central Bank of Nigeria, CND did not wield the big stick at the appropriate time.

The judge said he sentenced the convicts because the Economic and Financial Crimes Commission, EFCC proved its case beyond reasonable doubt after 10 years of trial.

The judge however, freed Atuche’s wife for lack of evidence that she was involved in the fraud with her husband.

Justice Okunnu ruled in her judgment that “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,” the judge said.

“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.

“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.”

Okunnu said the accused persons committed the fraud using proxies, noting that Atuche was very combative and rude during cross examinations.

According to the judge the fraud “was a well-planned, well-executed scheme but the bubble burst when the Central Bank of Nigeria intervened.

“The first defendant (Atuche) was diversionary and evasive on the witness stand; sometimes confrontational and rude. The third defendant (Anyanwu) was also combative and rude under cross-examination.”

On Atuche’s wife, the judge said there was no proof that the two companies affiliated to Elizabeth fraudulently received N2 billion worth of Bank PHB shares.

Justice Lateef Lawal-Akapo of an Ikeja High Court, had in June 2015 discharged and acquitted the former Bank PHB chief executive on the basis that he found no merit in the case preferred against him by the EFCC.