Ex- Bank PHB MD, Atuche, jailed 6 years for N25.7bn fraud

An Ikeja High Court has sentenced a former Managing Director of the defunct Bank PHB (now Keystone Bank), Francis Atuche, to six years imprisonment for defrauding the bank of N25.7 billion.

In a 10-hour judgment, Justice Latifat Okunnu also sentenced a former Chief Financial Officer of the bank, Ugo Anyanwu, to four year’s imprisonment.

The judge held that the Economic and Financial Crimes Commission, (EFCC), proved beyond reasonable doubt that the convicts committed fraud.

Okunnu, however, discharged Atuche’s wife, Elizabeth, who was facing trial alongside the duo.

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