The Court of Appeal sitting in Lagos has affirmed the conviction of a former Managing Director of the defunct Bank PHB Plc, Francis Atuche, for N25.7biillion fraud.
The court also affirmed the conviction of Atuche’s accomplice and co-convict, Ugo Anyanwu, who was the bank’s former Chief Financial Officer.
It also affirmed the acquittal of Atuche’s wife, Elizabeth.
The three-man panel of the court upheld in part, the June 16, 2021 judgment of Justice Lateefa Okunnu of the Lagos State High Court, Ikeja.
On September 2, 2021, the Ikeja High Court also ordered the freezing of assets and funds amounting to N19,178,253,050 allegedly kept in 24 banks by Atuche.
The council of state in April rejected Atuche’s request for pardon.
His name was among the 162 names presented to the council of state for clemency, but it did not make the final list of 159 offenders granted pardon.