N25.7bn fraud: Supreme Court upholds conviction of Ex-Bank PHB MD, Atuche, after 13 years

After approximately 13 years of trial, the Supreme Court on Friday morning upheld the conviction of the former Managing Director of the defunct Bank PHB Plc, Mr Francis Atuche.

In a unanimous judgement read by Justice Moore Adumein, the Supreme Court held that the appellant, Francis Atuche, did not attempt to dislodge the findings of the trial court and the Court of Appeal regarding his credibility.

The court relied on its previous decisions, stating that when the decision of a trial court on the demeanour of a party or witness is supported by the documentary evidence tendered, an appellate court has no grounds to alter the trial court’s decision.

In conclusion, the court held that the appellant had not provided any reason to interfere with the concurrent findings of the two lower courts.

Mr Atuche, his wife Elizabeth, and Mr Ugo Anyanwu were arraigned by the Economic and Financial Crimes Commission (EFCC) in 2011 before Justice Lateefat Okunnu of the Lagos High Court in a prosecution handled by Senior Advocate of Nigeria, Dr Kemi Pinheiro, on behalf of the EFCC.

The trio faced a 27-count amended charge concerning a N25.7 billion fraud.

On June 16, 2021, Justice Okunnu delivered a judgement that lasted about 12 hours, convicting Atuche and the former Chief Financial Officer of the bank, Ugo Anyanwu.

The court convicted them on 21 of the 27-count amended charges of conspiracy to commit felony and stealing brought against them by the EFCC.

Justice Okunnu ruled that the EFCC had successfully proven its case against the convicts beyond a reasonable doubt.

She acquitted Atuche’s wife, Elizabeth, on the grounds that the EFCC failed to link her to the crime, stressing that suspicion, no matter how strong, cannot replace fact.

The judge held that it was not proven that she was aware of the source of the funds she received from her husband and that she had no authority to influence the transaction.

The convicts were to serve their jail terms at the Kirikiri Maximum Correctional Facility in Lagos.

Dissatisfied with the judgement, the convicts appealed, and on June 23, 2022, the Court of Appeal affirmed the conviction of both men.

The appellate court clarified that Atuche’s jail term, as handed down by the lower court, is six years concurrently, rather than 12 years.

The justices reduced Anyanwu’s sentence from 10 years to eight years and upheld the discharge and acquittal of Atuche’s wife, Elizabeth.

On further appeal to the Supreme Court, the apex court earlier this year heard Senior Advocates of Nigeria, Wole Olanipekun, leading Chief Anthony Idigbe and Prof. Fidelis Oditah, representing Mr Atuche, while Dr Kemi Pinheiro, holding the fiat of the Honourable Attorney General of the Federation, led the team of lawyers representing the State, including Senior Advocate of Nigeria, Sebastine Hon.

The unanimous decision of the Supreme Court this morning brings finality to this criminal charge after over 13 years.

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