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BREAKING:Court Sentences Former Bank PHB Boss, Francis Atuche To 6 Years In Prison.


A Lagos High Court sitting in the Ikeja region has condemned previous overseeing head of ancient Bank PHB, Francis Atuche to more than 6 years in jail.

In a judgment that endured more than 10 hours, Justice Lateefat Okunnu indicted Atuche close by a previous Chief Financial Officer of the bank, Ugo Anyanwu.

The two were indicted on at any rate 6 of a 27-tally corrected charge of intrigue to perpetrate a lawful offense and taking brought against them by the Economic and Financial Crimes Commission (EFCC).

While Atuche who was seen as liable on tallies 1, 3, 5, 7, 9, and 23 of the charge would serve a 6-year term for each check, Anyanwu will serve a 4-year prison term for tallies 2, 4, 6, 8, 10, 11, 22 and 24 of the revised charge.

They are to serve their prison term continuously. This sentence is coming after a preliminary that endured more than 12 years.

In conveying her sentence, Justice Okunnu held that the EFCC effectively demonstrated its body of evidence against the convicts past a sensible uncertainty.

The appointed authority dismissed cases by the respondents recommending that they were only expertly careless.

She explicitly held that Atuche and Anyanwu manhandled their forces, disregarded set up rules and guidelines in this way placing the bank and contributors’ assets in harm’s way.

The court likewise arrived at the resolution that the convicts corruptly exploited their situations to present on themselves unnecessary monetary advantages regardless of the strength of the bank.

“The convict took from the bank and contributors and due to their activity, citizens cash was utilized to rescue the bank”.

Equity Okunnu held that she had thought about the request of the convicts, yet there should be ramifications for bad behavior, adding that sentences are for discipline as well as for prevention.

She additionally decided that the litigant should make compensation of the sum taken from the bank. They are to take care of the amount of N25.7billion to the Federal government to supplant the assets taken from general society to rescue the bank.

As per the Judge, they are to serve their prison terms at the Kirikiri greatest restorative office in Lagos.

Atuche’s significant other cleared

Equity Okunnu be that as it may, cleared Atuche’s significant other on the charge of intrigue and taking.

As per the appointed authority, the EFCC neglected to connect her to the wrongdoing and demanded that doubt regardless of how solid can not replace truth.

The appointed authority held that it was not demonstrated that she knew about the wellspring of the assets she got into her record from her better half and she had no forces to take any choice to impact the exchange.


The EFCC had asserted that between November 2007 and April 2008, the denounced people took about N25.7bn having a place with the bank.

The counter unite organization had additionally guaranteed that of the absolute N25.7bn, they took about N14.7bn by falsely depicting it’s anything but an advance to certain organizations and accordingly changed the said aggregate over to individual use.

The Commission had recorded the organizations as Future View Securities, Extra Oil Limited, Resolution Trust and Investment Limited, and Tradjek Nigeria Ltd.

The EFCC additionally affirmed that another N11bn taken by the litigants was utilized to buy around 984,375,000 units of Bank PHB shares for themselves.

As indicated by the commission, the entirety utilized for buying the offers was portrayed as a credit to certain organizations including, Guesstrade Services, Sentron Trading, Montrax Investico, Claremount Management Ltd., Trenton Trade, and others.

In confirmation of its argument against the denounced people, the EFCC called 12 observers who gave oral proof. It likewise summoned 6 others to introduce a few records which were conceded as shows by the court.


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