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The Supreme Court has affirmed the conviction of a former Managing Director of Bank PHB, Mr. Francis Atuche, charged with over N25.7 billion fraud.
The apex court affirmed the conviction after dismissing the former bank boss’ appeal challenging the judgement of the appellate court which found him guilty of fraud allegations.
According to the apex court, Atuche in his appeal could not proffer convincing reasons why the concurrent judgements of the appellate and trial courts should be overturned.
Justice Moore Adumein, who read the unanimous decision pointed out that where a trial court’s decision on the demeanor of a party or witness is supported by the documentary evidence tendered, an appellate court has no business tampering with the decision of the trial court.
He consequently dismissed Atuche’s appeal and affirmed the concurrent judgements of the two lower courts that found the former bank boss guilty of corruption and fraud allegations.
The Economic and Financial Crimes Commission (EFCC) had initially declared Atuche wanted over an alleged fraud of N56 billion, after which he was detained for interrogation at the Ikoyi office of the anti-graft agency.
Besides Atuche, others charged included his wife, Elizabeth, and Ugo Anyanwu, who was the bank’s former Chief Financial Officer, for their involvement in a N25.7 billion fraud in 2011 before a High Court of Lagos, presided by Lateefat Okunnu.
After taking arguments from parties and consideration of evidence, the trial court in June 2021, found Atuche and Anyanwu guilty of N25.7 billion fraud allegations.
The trial court subsequently sentenced Atuche to a six-year jail term, while Anyanwu bagged a four-year jail term.
Okunnu held that both convicts defrauded the bank using well-recognised stockbrokers to transfer money under the guise of loans and shares.
Dissatisfied with the verdict of the trial court, Atuche had approached the appellate court to set aside the judgement and declare him innocent.
But the appellate court in its judgement held that the appellant had not provided any credible ground why the decision of the trial court should be set aside.
The appellate court in a unanimous judgement subsequently upheld the conviction and dismissed the appeal, which was also dismissed by the Supreme Court.
Alex Enumah
The post Supreme Court Affirms Six-Year Jail Term for Ex-Bank PHB MD Francis Atuche Over N25.7bn Fraud appeared first on Arise News.
