N25.7bn Fraud: Nigerian Supreme Court upholds conviction of ex-bank CEO Francis Atuche

*The Supreme Court of Nigeria, in a unanimous judgement, also affirms the conviction of Francis Atuche, former Managing Director/CEO of the defunct BankPHB Plc, 13 years after the commencement of the trial

Isola Moses | ConsumerConnect

The Supreme Court of Nigeria Friday, June 28, 2024, affirmed the conviction of Mr. Francis Atuche, former Managing Director/Chief Executive Officer (CEO) of the defunct BankPHB Plc, 13 years after the commencement of the trial.

Justice Moore Adumein, reading a unanimous judgment, said the Supreme Court held that Francis Atuche, the appellant, did not attempt to dislodge the finding of the trial court and the Court of Appeal on his credibility.

Relying on its previous decisions to the effect that where the decision of a trial court on the demeanour of a party or witness is supported by the documentary evidence tendered, the Supreme Court pronounced that an appellate court has no business in tampering with the decision of the court.

The Court, therefore, held that the appellant had not given it any reason to tamper with the concurrent finding of the two lower courts in the case.

It is recalled Mr. Atuche, his wife, Elizabeth and certain Mr. Ugo Anyanwu had been arraigned by the Economic and Financial Crimes Commission (EFCC), in 2011, before Justice Lateefat Okunnu of the Lagos High Court in a prosecution that was handled by Dr. Kemi Pinheiro, Senior Advocate of Nigeria (SAN), on behalf of the anti-graft Commission.

The trio were arraigned on a 27-count amended information over a N25.7 billion fraud.

Justice Okunnu in a judgment that lasted about 12 hours, delivered June 16, 2021, convicted Atuche alongside Ugo Anyanwu, a former Chief Financial Officer (CFO) of the defunct BankPHB Plc.

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

“Justice Okunnu held that the EFCC successful proved its case against the convicts beyond reasonable doubt.

Atuche and Anyanwu were sentenced 12 years, and 10 years respectively by the High Court.

However, the Court of Appeal later commuted their sentences with Atuche getting six years while Anyanwu got eight years respectively.

The Judge freed Atuche’s wife, Elizabeth, on the grounds 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.

The judge 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.

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

Dissatisfied with the judgment, however, the convicts approached the appeal court and on June 23, 2022, the Court of Appeal re-affirmed the conviction of both men.

The appellate court, in its ruling, also clarified that Atuche’s jail term, as handed down by the Lagos High Court, is six years concurrently, rather than 12 years.

The Justices, however, reduced Anyanwu’s sentence from 10 years to eight years.

They also upheld the discharge and acquittal of Atuche’s wife, Elizabeth.

On further appeal to the Supreme Court, the country’s apex court earlier this year heard Senior Advocates of Nigeria, Wole Olanipekun leading Chief Anthony Idigbe and Prof. Fidelis Oditah in the appeal initiated by Mr. Atuche against his conviction, while Dr. Kemi Pinheiro who held 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 morning Friday, June 28 has brought to an end the criminal charge against the duo after over 13 years of trial.

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