Former Managing Director of the defunct Bank PHB Plc, Francis Atuche, has been sentenced to 6 years imprisonment and former Chief Financial Officer (CFO), Ugo Anyanwu to 4 years, for stealing and conspiracy to steal N27billion. Atuche’s wife, Elizabeth, was however discharged and acquitted.
Atuche’s contended that the stolen funds in dispute were loaned, not stolen and begged the Court not to send him to jail but the judge, Justice Lateefa Okunnu, upheld the arguments of the Prosecutor and Senior Advocate of Nigeria (SAN) Kemi Pinheiro. The argument was that the money belonged to the bank customers who they stole from and the money was capable of being stolen even though it was still with the bank. Pinheiro prosecuted the case for 10 years, since 2011 on behalf of the Economic and Financial Crimes Commission EFCC with a Fiat of the Attorney General of the Federation (AGF).
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