Supreme Court Affirms Francis Atuche’s Conviction Over N29.5bn Fraud

By Akinwale Kasali

After years of trial,  the Supreme Court has affirmed the conviction of former Managing Director of the defunct Bank PHB Plc, Francis Atuche, over a-N25.7 billion fraud.

In a unanimous decision, the Apex Court held that Atuche, the Appellant, failed to dislodge the finding of the trial Court which convicted him and the Court of Appeal which affirmed the conviction.

The verdict of the Supreme Court brings the criminal charge to finality after over a decade.

Justice M.A.A. Adumein, who gave the lead judgment stated that the Supreme Court relied on its previous decisions that where the judgment of a trial Court on the demeanour of a party or witness is supported by the documentary evidence tendered, an Appellate Court has no business in tampering with the decision of the Court.

In conclusion, the Court held that the Appellant did not give it any reason to tamper with the concurrent finding of the two lower courts.

Atuche, his wife, Elizabeth, and the bank’s former Chief Financial Officer, Ugo Anyanwu, were in 2011 arraigned by the Economic and Financial Crimes Commission (EFCC) before Justice Okunnu of the High Court of Lagos State

They were prosecuted by EFCC prosecutor, Dr. Kemi Pinheiro (SAN) on a 27-count amended information for their involvement in a N25.7 billion fraud.

The fraudulent activities of Atuche and Bank PHB was exposed by former Governor of the Central Bank of Nigeria, Sanusi Lamido Sanusi, during the N25 Billion recapitalization of Banks in Nigeria.

This also led to the sack of Erastus Akingbola as MD of defunct Intercontinental Bank and Cecilia Ibru, MD of defunct Oceanic Bank.