THE Supreme Court of Nigeria, Friday confirmed the conviction of the ex-Managing Director of Bank PHB Plc, Francis Atuche, for fraud to the tune of N25.7 billion.
In a decisive decision, the apex court held that Mr Atuche did not present sufficient evidence to overturn his conviction.
This conviction was originally issued by the trial court and upheld by the Court of Appeal. The Supreme Court’s decision concludes a legal battle that lasted over 13 years.
Justice M.A.A. Adumein delivered the lead judgment, reiterating the court’s established precedent.
This principle maintains that when a trial court’s credibility assessments are backed by documentary evidence, appellate courts should not alter the lower court’s decision unless there are exceptional reasons.
The Supreme Court, adhering to this principle, upheld Mr Atuche’s conviction in line with the findings of the trial court and the Court of Appeal.
The court concluded that Mr Atuche did not provide any reason to question the concurrent findings of the lower courts.
Francis Atuche, his wife Elizabeth, and the former Chief Financial Officer of the bank, Ugo Anyanwu, were arraigned by the Economic and Financial Crimes Commission (EFCC) before Justice Okunnu of the High Court of Lagos State in 2011.
They faced prosecution by EFCC prosecutor Dr Kemi Pinheiro (SAN) on a 27-count amended charge related to the fraudulent scheme involving N25.7 billion.
After an extensive trial, the court convicted and sentenced Mr Atuche and Mr Anyanwu on 16 June 2021, while acquitting Elizabeth Atuche. Justice Okunnu highlighted that the convicts used recognized stockbrokers to fraudulently transfer money under the pretence of loans and shares.
“It was a well-planned, well-executed scheme, but the bubble burst when the Central Bank of Nigeria intervened,” she noted.
Dissatisfied with the judgment, Atuche filed an appeal. On 23 June 2022, the Court of Appeal upheld the convictions of Atuche and Anyanwu but reduced Atuche’s sentence to 12 years imprisonment.
Earlier this year, the Supreme Court heard arguments from Chief Wole Olanipekun (SAN), leading Chief Anthony Idigbe (SAN) and Prof. Fidelis Oditah (SAN) in Atuche’s appeal. The state’s legal team, led by Dr Pinheiro (SAN) with the authority of the Attorney-General of the Federation, included Sebastine Hon (SAN).
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