Justice Lateefat Okunnu of the Lagos State High Court in Ikeja on Wednesday convicted Francis Atuche, former managing director of the defunct Bank PHB, and Ugo Anyanwu, former chief financial officer of the bank for stealing N25.7 billion belonging to the bank.
Elizabeth, Atuche’s wife, was, however, discharged and acquitted.
The former bank chiefs were convicted by the court on 21 of the 27-count amended charge of conspiracy to commit felony and stealing brought against them by the Economic and Financial Crimes Commission (EFCC).
In a judgement that lasted over 11 hours, Justice Okunnu held that the EFCC successful proved its case against the convicts beyond reasonable doubt.
The judge also held that the offences with which the convicts were charged cannot be said to be mere professional negligence as claimed by them but criminal in nature.
The court specifically held that Atuche and Anyanwu abused their powers, ignored established rules and regulations thereby putting the bank and depositors’ funds in danger.
The court also stated that the convicts corruptly took advantage of their positions to confer on themselves undue financial benefits without regard to health of the bank.
