On Friday, June 28, 2024, the Supreme Court of Nigeria upheld the six-year sentence of Francis Atuche, former Managing Director of the now-defunct Bank PHB, confirming his conviction for a N25.7 billion fraud. The Court of Appeal, Lagos Division, had previously issued this sentence.
The unanimous decision, prepared by Justice Habeeb Abiru and delivered by Justice Moore Adumein, stated that Atuche failed to provide compelling reasons to overturn the lower courts’ judgments. The Supreme Court emphasized that when a trial court’s findings are supported by oral and documentary evidence, appellate courts should not interfere.
Justice Lateefat Okunnu of the Lagos State High Court initially sentenced Atuche to 12 years in prison on June 16, 2021, after the Economic and Financial Crimes Commission (EFCC) successfully proved its case. Ugo Anyanwu, former Chief Financial Officer of Bank PHB, received a 10-year sentence, while Atuche’s wife, Elizabeth, was acquitted.
The Court of Appeal later affirmed the convictions on June 23, 2022, but reduced Atuche’s sentence to six years and Anyanwu’s to eight years, while upholding Elizabeth Atuche’s acquittal.
Atuche, his wife, and Anyanwu faced 27 counts of conspiracy, theft, and money laundering, with Atuche and Anyanwu convicted on 21 counts. The Supreme Court’s decision concludes a legal battle that has lasted over thirteen years.
