UNILAG AD
  • The Membership Club
  • #EndSARS Dashboard
  • PT Hausa
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
Friday, August 12, 2022
Premium Times Nigeria
  • Home
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Special Reports and Investigations
      • Health Specials
    • Features and Interviews
    • Multimedia
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Special Reports/Investigations
    • Features and Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • #EndSARS Dashboard
    • Parliament Watch
    • #PandoraPapers
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • AUN-PT Data Hub
  • Home
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Special Reports and Investigations
      • Health Specials
    • Features and Interviews
    • Multimedia
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Special Reports/Investigations
    • Features and Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • #EndSARS Dashboard
    • Parliament Watch
    • #PandoraPapers
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • AUN-PT Data Hub
Premium Times Nigeria
BUA Group Ad BUA Group Ad BUA Group Ad
Mr Atuche was sentenced to six years in prison.

Mr Atuche was sentenced to six years in prison.

UPDATED: Judge convicts defunct Bank PHB boss, Atuche

Mr Atuche's wife, Elizabeth, was, however, discharged and acquitted.

byPremium Times
June 16, 2021
Reading Time: 2 mins read
11

Justice Lateefa Okunnu of the Ikeja Division of the Lagos State High Court on Wednesday sentenced Francis Atuche, the former managing director of the defunct Bank PHB, to six years in prison for stealing N27 billion.

The judge also sentenced Ugo Anyanwu, the bank’s former chief financial officer, to six years in prison.

Mr Atuche’s wife, Elizabeth, was, however, discharged and acquitted.

The former bank chief, his wife, and Mr Anyanwu were accused of stealing and conspiring to steal N25.7 billion belonging to the bank.

They were arraigned in 2011 before Mrs Okunnu and they pleaded not guilty.

Reading her judgment that lasted over 10 hours, Mrs Okunnu upheld the arguments of Kemi Pinheiro (SAN), the EFCC prosecutor, that the N25.7 billion was stolen, not loaned,, as argued by Mr Atuche.

She held that the money belonged to the bank and that it was capable of being stolen.

“The 1st defendant confirmed the bank’s ownership of the money when he said the bank in lending money makes profit.

“I am persuaded by the statement of Pat Utomi that ‘The bank still has control over money that’s left in its coffers, no matter who uses it’.

TEXEM Advert

“Helen Eriyo, who is the account officer of Petosan, being unaware of the loans granted, lends credit to the testimony of Mr Ololo that he was not aware of the loan.

“The alter egos and true directing mind of the companies knew nothing about the loans. The loans indeed were a hoax.”

The judge also held that the first and third defendants did not debunk the evidence of the prosecution that the loans were used to purchase shares.

“They rather contended that the monies granted as loan could be used for whatever purposes.”

Mr Atuche is also standing trial over N125 billion alleged fraud before the Lagos Division of the Federal High Court.

He was arraigned in 2014, alongside Charles Ojo, a former managing director of Spring Bank Plc, on an amended 45 counts before Justice Saliu Seidu, before the judge was transferred out of the Lagos division.

The case was subsequently transferred to Justice Ayokunle Faji and the defendants re-arraigned in 2017.

  • Tweet
  • Email
  • Print
  • Telegram
  • More
  • WhatsApp
  • Share on Tumblr
  • Pocket


Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate



TEXT AD: Call Willie - +2348098788999






PT Mag Campaign AD

Previous Post

Nigerian stocks end losing streak on Seplat, MTN gains

Next Post

Police arrest fake PHED worker for swindling customer

Premium Times

Premium Times

More News

The Attorney-General of the Federation (AGF) and Minister of Justice, Abubakar Malami.

$418 Million Paris Club Fee: Malami tackles governors, says deductions justified

August 11, 2022
The Entrance Katsina State Government House

“Thieves” steal N31m from Katsina State Government House

August 11, 2022
Inibehe Effiong

Inibehe Effiong handcuffed, moved to another prison – Lawyer

August 11, 2022
Kaduna State Governor, Nasir El-Rufai

EXCLUSIVE: El-Rufai writes Buhari, says terrorists creating ‘parallel’ govt in Kaduna

August 11, 2022
Nigerian Soldiers

Owo Attack: Two more attackers arrested – Official

August 11, 2022
Armed Immigration personnel posed with the recovered motorcycles. And the Immigration commandant, Ismail Abba, (middle) with officers in the command.

Gunmen attack Jigawa community, kill immigration officer

August 10, 2022
Read All Comment

Our Digital Network

  • PT Hausa
  • Election Centre
  • Human Trafficking Investigation
  • Centre for Investigative Journalism
  • National Conference
  • Press Attack Tracker
  • PT Academy
  • Dubawa
  • LeaksNG
  • Campus Reporter

Resources

  • Oil & Gas Facts
  • List of Universities in Nigeria
  • LIST: Federal Unity Colleges in Nigeria
  • NYSC Orientation Camps in Nigeria
  • Nigeria’s Federal/States’ Budgets since 2005
  • Malabu Scandal Thread
  • World Cup 2018
  • Panama Papers Game
  • Our Digital Network
  • About Us
  • Resources
  • Projects
  • Data & Infographics
  • DONATE

All content is Copyrighted © 2022 The Premium Times, Nigeria

No Result
View All Result
  • #PandoraPapers
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Health
    • COVID-19
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Investigations
    • Investigations
    • Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • #EndSARS Dashboard
  • Projects
    • Panama Papers
    • Paradise Papers
    • Parliament Watch
    • AGAHRIN
  • AUN-PT Data Hub
  • Opinion
  • The Membership Club
  • DONATE
  • About Us
  • Advert Rates
  • PT Hausa
  • Dubawa NG
  • Careers
  • Contact Us
  • Digital Store

All content is Copyrighted © 2022 The Premium Times, Nigeria