Supreme Court Affirms Atuche’s Conviction 

The Supreme Court of Nigeria on Friday, June 28, 2024, affirmed the conviction of the former Managing Director of Bank PHB Plc, Mr Francis Atuche, for N25.7 billion fraud.

The Apex Court, in a unanimous decision, held that Atuche, the Appellant, failed to dislodge the finding of the trial court which convicted him, and the Court of Appeal which affirmed the conviction. The judgement brings the criminal charge to finality after over 13 years. 

The Supreme Court earlier this year, heard Chief Wole Olanipekun, SAN, leading Chief Anthony Idigbe, SAN, and Prof Fidelis Oditah, KC, SAN in Atuche’s appeal.

Dr Kemi Pinheiro, SAN, who held the fiat of the Attorney- General of the Federation, led the team of Lawyers representing the State, including Sebastine Hon, SAN.

In the lead judgement read by Hon. Justice M.A.A. Adumein, JSC, the Supreme Court relied on its previous decisions that where the judgement of a trial court on the demeanour of a party or witness is supported by the documentary evidence tendered, an Appellate Court has no business in tampering with the decision of the court.

In conclusion, the Court upheld Pinheiro and Hon’s argument, that the Appellant did not give it any reason to tamper with the concurrent finding of the two lower courts.

Atuche, his wife, Elizabeth, and the bank’s former Chief Financial Officer, Ugo Anyanwu were arraigned in 2011, by the Economic and Financial Crimes Commission (EFCC) before Justice Okunnu of the High Court of Lagos State

EFCC Prosecutor, Dr Kemi Pinheiro, SAN preferred a 27-count amended charge against the three for their alleged involvement in a N25.7 billion fraud. On June 16, 2021, the court convicted and sentenced Atuche and Anyawu in a judgement that took almost 12 hours to deliver. Atuche’s wife was discharged and acquitted.

In the judgement, Justice Okunnu noted that both convicts defrauded the Bank using well-recognised stockbrokers to transfer money under the guise of loans and shares.

“It was a well-planned, well-executed scheme, but, the bubble burst when the Central Bank of Nigeria intervened”, she said.

Not satisfied with the High Court judgement, Atuche filed an appeal.

On the 23rd of June, 2022 after hearing the appeal, the Court of Appeal in Lagos affirmed the conviction of both Atuche and Anyanwu, while reducing his sentence to 12 years in jail.