The Supreme Court of Nigeria on Friday, June 28, 2024, affirmed the conviction of the former Managing Director of Bank PHB Plc, Mr. Francis Atuche, for N25.7 billion fraud.
The apex court, in a unanimous decision, 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 judgment brings the criminal charge to finality after over 13 years.
The Supreme Court earlier this year heard Chief Wole Olanipekun SAN, leading Chief Anthony Idigbe SAN and Prof. Fidelis Oditah SAN in Atuche’s appeal.
Dr. Kemi Pinheiro SAN, who held the fiat of the Attorney General of the Federation, led the team of lawyers representing the state, including Sebastine Hon SAN.
In the lead judgment read by Justice M.A.A. Adumein, 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 upheld Pinheiro and Hon’s argument 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 arraigned in 2011, by the Economic and Financial Crimes Commission (EFCC) before Justice Okunnu of the High Court of Lagos State
EFCC prosecutor, Dr. Kemi Pinheiro (SAN) preferred a 27-count amended charge against the three for their alleged involvement in a N25.7 billion fraud.
On June 16, 2021, the court convicted Atuche and Anyawu during an almost 12-hour judgment.
Atuche and Anyanwu were sentenced 12 years and 10 years imprisonment respectively by the High Court.
However, the sentences were reduced by the Court of Appeal, with Atuche getting six years while Anyanwu got eight years.
The convicts are serving their jail terms at the Kirikiri Maximum Correctional Facility in Lagos.
Justice Okunnu noted that both convicts defrauded the bank using well-recognised stockbrokers to transfer money 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 intervened,” she said.
The judge freed Atuche’s wife, Elizabeth on the ground that the EFCC failed to link her to the crime. The court insisted that suspicion no matter how strong could not take the place of fact.
Justice Okunnu held that it was not proven that she was aware of the source of the funds she received into her account from her husband and she had no powers to take any decision to influence the transaction.
