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N25.7b fraud: Supreme Court okays six-year jail term for ex-Bank PHB MD Atuche

The Supreme Court has upheld the conviction and six-year jail term handed to former Managing Director of the now defunct Bank PHB, Francis Atuche, by the Court of Appeal in Lagos in a judgment delivered on June 23, 2022.

In a unanimous judgment yesterday, a five-member panel of the apex court held that the appeal by Atuche lacked merit.

The judgment was on the appeal marked: SC/CR/1223/2023 filed by Atuche.

In the lead judgment prepared by Justice Habeeb Abiru but read by Justice Moore Adumein, the apex court held that the appellant failed to show why it should tamper with the concurrent findings of the two lower courts.

“Where the finding of a trial court on the demeanour of a witness is supported by oral and documentary evidence tendered at the trial, as in the present case, an appellate court has no business tampering with the decision of the trial court.

“This court has not been given any reason to tamper with the concurrent findings of the two lower courts in this appeal

“This appeal is totally lacking in merit. This appeal fails and it is hereby dismissed.

“The judgment of the Court of Appeal, Lagos division, delivered on the 23rd day of June 2022 in appeal number: CA/LA/CR/668/202, which, save for the adjustment of the judgment passed, upheld the judgment delivered by the High Court of Lagos State in charge number: ID/154c/2011 on the 16th day of June 2021, is hereby affirmed,” the Supreme Court said.

The Court of Appeal in Lagos had, in its June 23, 2022 judgment, affirmed Atuche’s conviction on a 27-charge in which he and two others were accused of engaging in about N25.7billion fraud.

The Court of Appeal however reduced the sentence of 12 years earlier handed to him by the High Court of Lagos State sitting in Ikeja to six years.

The Economic and Financial Crimes Commission (EFCC) had prosecuted Atuche, his wife Elizabeth and a former Chief Financial Officer of Bank PHB, Ugo Anyanwu before Justice Lateefat Okunnu of the High Court of Lagos State.

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Justice Okunnu, in a judgment on June 16, 2021 convicted Atuche and Anyanwu on 21 out of the 27-count amended charges of conspiracy to commit felony and stealing brought against them by the EFCC.

The judge subsequently sentenced Atuche to 12 years and Anyanwu to 10 years imprisonment.

Justice Okunnu discharged and acquitted Atuche’s wife on the grounds that the prosecution failed to link her to the crime.

She held that suspicion, no matter how strong, cannot take the place of fact.

The judge held that it was not proven that she was aware of the source of the funds she received into her account from her husband and she had no powers to take any decision to influence the transaction.

While the Court of Appeal reduced Atuche’s sentence to six years, it reduced Anyanwu’s to eight years.

The Court of Appeal equally upheld the discharge and acquittal of Atuche’s wife.

June 29, 2024
N25.7bn fraud: Supreme Court okays six-year jail term for ex-bank manager, Atuche

The Supreme Court has upheld the conviction and six-year jail term handed to former Managing Director of the now defunct Bank PHB, Francis Atuche by the Court of Appeal in Lagos in a judgment delivered on June 23.

In a unanimous judgment on Friday, a five-member panel of the apex court held that the appeal by Atuche was without merit.

The judgment was on the appeal marked: SC/CR/1223/2023 filed by Atuche.

In the lead judgment prepared by Justice Habeeb Abiru, but read by Justice Moore Adumein, the apex court held that the appellant failed to show why it should tamper with the concurrent findings of the two lower courts.

“Where the finding of a trial court on the demeanour of a witness is supported by oral and documentary evidence tendered at the trial, as in the present case, an appellate court has no business tampering with the decision of the trial court.

“This court has not been given any reason to tamper with the concurrent findings of the two lower courts in this appeal

“This appeal is totally lacking in merit. This appeal fails and it is hereby dismissed.

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“The judgment of the Court of Appeal, Lagos division, delivered on the 23rd day of June 2022 in appeal number: CA/LA/CR/668/2021which, save for the adjustment of the judgment passed, upheld the judgment delivered by the High Court of Lagos State in charge number: ID/154c/2011 on the 16th day of June 2021 is hereby affirmed,” the Supreme Court said.

The Court of Appeal in Lagos had, in its June 23, 2022 judgment, affirmed Atuche’s conviction on a 27-charge in which he and two others were accused of engaging in about N25.7billion fraud.

The Court of Appeal however reduced the sentence of 12 years, earlier handed to him by the High Court of Lagos state sitting in Ikeja, to six years.

The Economic and Financial Crimes Commission (EFCC) had prosecuted Atuche, his wife, Elizabeth and a former Chief Financial Officer of Bank PHB, Ugo Anyanwu before Justice Lateefat Okunnu of the High Court of Lagos State.

Justice Okunnu, in a judgment on June 16, 2021 convicted Atuche and Anyanwu

on 21 out of the 27-count amended charges of conspiracy to commit felony and stealing brought against them by the EFCC.

The judge subsequently sentenced Atuche to 12 years and Anyanwu to 10 years imprisonment.

Justice Okunnu discharged and acquitted Atuche’s wife on the grounds that the prosecution failed to link her to the crime.

She held that suspicion, no matter how strong, cannot take the place of fact.

The judge held that it was not proven that she was aware of the source of the funds she received into her account from her husband and she had no powers to take any decision to influence the transaction.

While the Court of Appeal reduced Atuche’s sentence to six years, it reduced Anyanwu’s sentence to eight years.

The Court of Appeal equally upheld the discharge and acquittal of Atuche’s wife.

June 28, 2024
Supreme Court affirms conviction of ex-bank PHB MD Atuche

The Supreme Court has upheld the conviction of former Managing Director of the defunct Bank PHB Plc, Francis Atuche after about 13 years of trial.

In the unanimous judgment read by Justice Moore Adumein, on Friday, June 28, the Supreme Court held that the appellant, Francis Atuche, failed to dislodge the finding of the trial court and the Court of Appeal on his credibility.

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The court in relying on its previous decisions to the effect that where the decision of a trial court on the demeanor 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 held that the appellant had not given it any reason to tamper with the concurrent finding of the two lower courts.

Details shortly…

June 28, 2024
N27.5b theft: Court frees Atuche, two others

A Lagos High Court sitting in Ikeja has struck out a N25.7 billion charge brought against a former managing director of the defunct Bank PHB, Francis Atuche, by the Economic and Financial Crimes Commission.

The EFCC had arraigned Atuche and his wife, Elizabeth, alongside a former Chief Financial Officer of the bank, Ugo Anyanwu in court for allegedly stealing N25.7billion belonging to the bank, while the first defendant (Atuche) was the Chief Executive Officer.

Delivering judgment in the matter on Monday, the trial judge, Justice Lateef Lawal-Akapo, dismissed the charge for lack of jurisdiction.

The judge said the prosecution’s case lacked merit.

“I find no merit in the prosecution’s application, it is hereby dismissed. The defendants’ application dated November 27, 2013 succeeds and I hereby make the following orders:

“The criminal charge in this suit is hereby struck out and the accused persons namely- Francis Atuche, Elizabeth Atuche and Ugo Anyawu are discharged. The complainant’s notice of plenary objection dated December 3, 2013 is hereby dismissed.”

Counsels to the defendants, Chief Anthony Idigbe (SAN) and Sylvia Ogwemoh (SAN) had in separate applications asked the court to quash the charge, citing the Court of Appeal judgment of November 21, 2013.

June 22, 2015
N25.7b: Atuche seeks dismissal of EFCC’s application

Former Managing Director of Bank PHB Mr. Francis Atuche has urged a Lagos High Court sitting in Ikeja to dismiss an application by the Economic and Financial Crimes Commission (EFCC), seeking to adjourn its ruling sine die (indefinitely).

    Justice Lateef Lawal-Akapo, on March 2, fixed Monday, April 13, for ruling on an application by Atuche but could not deliver the ruling after the court was informed of the commission’s pending application.

   Atuche prayed the court to quash the N25.7 billion theft charge levelled against him by the EFCC on the grounds that it had no jurisdiction to entertain the matter.

   The appellate court, in a November 21, 2013, judgment, struck out the charges preferred against Nwosu and others for lack of jurisdiction, saying the issues were capital market transactions.

    Charged withAtuche are his wife, Elizabeth and a former Chief Financial Officer of the Bank, Mr. Ugo Anyanwu.

   At the resumed hearing yesterday, Chief Anthony Idigbe (SAN), lead counsel to Atuche, prayed the court to dismiss EFCC’s application because the court could not engage in speculation.

   Idigbe argued that Atuche’s application was challenging the court’s jurisdiction and should it grant EFCC’s application, it would amount to an assumption of jurisdiction on the matter.

But Justice Lawal-Akapo noted that the judicial practice directive was to give priority to high-profile matters.

He adjourned the matter till May 18.

April 23, 2015
Alleged theft: Court rules on Atuche’s application April 13

Justice Lateef Lawal- Akapo of the Lagos High Court, Ikeja, has fixed April 13 for ruling on an application filed by a former managing director of Bank PHB, Francis Atuche.

Atuche is seeking leave of court to quash the N25.7 billion theft charge preferred against him by the Economic and Financial Crimes Commission (EFCC).

Justice Lawal-Akapo fixed the date for ruling on his application after hearing arguments from defence and prosecution lawyers.

The EFCC had arraigned Atuche and his wife, Elizabeth, in court for allegedly stealing the money from the bank.

They are being prosecuted alongside a former Chief Financial Officer of the bank, Ugo Anyanwu.

Arguing the application, Atuche’s counsel, Mr. Tayo Oyetibo (SAN), asked the court to quash the charge for want of jurisdiction.

Oyetibo said the application was hinged on a judgment delivered by the Court of Appeal, Lagos on November 21, 2014 which struck out the theft charges preferred against a former managing director of Finbank Plc, Mr. Okey Nwosu and others.

Oyetibo argued that both Nwosu and Atuche’s cases were similar, stressing that the lower court had a judicial duty to follow the decision of the appellate court.

The Court of Appeal in Nwosu’s case held that “the Lagos State High Court lacks the jurisdiction to entertain the charge because it emanated from capital market transactions.

“The appellate court held that such capital market-based matter was an exclusive jurisdiction of the Federal High Court,” he added.

March 2, 2015
Court adjourns Atuche’s trial

THE Federal High Court in Lagos adjourned yesterday the trial of a former Bank PHB Plc’s (now Keystone Bank) Managing Director, Mr. Francis Atuche, till February 27.

Atuche is on trial with a former defunct Spring Bank Plc Managing Director, Mr. Charles Ojo, on an amended 45-count of alleged N125 billion fraud.

Justice Saliu Saidu adjourned for mention after Ojo’s lawyer, Mr. Osahon Idemudia, said he needed more time to prepare his client’s defence.

Economic and Financial Crimes Commission (EFCC) lawyer Mr. Kemi Pinheiro (SAN) did not oppose the request.

EFCC re-arraigned Atuche and Ojo on charges of acquiring Bank PHB’s shares using depositors’ funds.

They pleaded not guilty to the 45 counts of conspiracy, reckless granting and approval of loans and money laundering, between September 1, 2006 and 2009.

Atuche was accused of applying N3.5 billion, being proceeds of unlawful loans granted to Tradjek Nigeria Limited, a subsidiary of Futureview Financial Services Ltd, in payment for his acquisition of shares of Bank PHB.

The prosecutor claimed that he used various companies as fronts with an intention to conceal the ownership of the loans.

EFCC said he collaborated with different companies to conceal the genuine origins of the N3.5 billion used to acquire the bank’s shares.

January 30, 2015
Criminal trial: Atuche not bound by court’s rule – judge

Justice Saliu Saidu of the Federal High Court in Lagos Tuesday held that the court’s rule on criminal trial is not binding on a former Managing Director of Bank PHB (now Keystone Bank), Mr Francis Atuche.

He said Section 5 of the court’s Criminal Practice Direction, designed to ensure speedier trial, is not enforceable on him.

The judge said the section offends Section 36 of the 1999 Constitution as it tended to undermine the accused person’s rights.

“I hold that Section 5 of the Federal High Court Criminal Practice Direction is not enforceable on the first accused person (Atuche),” Justice Saidu held.

He added: “Substantial justice is not to be sacrificed on the altar of expeditious determination of cases. Just determination of cases is more important.”

Atuche is standing trial along with a former defunct Spring Bank Plc Managing Director Mr. Charles Ojo on an amended 45-count charge bordering on alleged N125 billion fraud.

Section 5 of the Practice Direction requires the defence to disclose its case before the commencement of trial.

Opposing the provision, Atuche’s lawyer Chief Anthony Idigbe (SAN) said that it was irregular for the defendant to be constrained to specify in writing, the defence he intends to raise, or which aspects of the prosecution’s case it intends to oppose, where no witness has been called.

Idigbe said no burden of proof should be placed on the defendant, adding that the practice direction tries to force the defence team to specify their strategy.

He, therefore, urged the court to discountenance the prosecution’s insistence on relying on the practice direction.

According to Idigbe, the power of the court’s Chief Judge was limited by the provisions of sections 4 of the Criminal Procedure Act (CPA).

But prosecution’s lawyer Mr. Kemi Pinhero (SAN) argued that the practice direction did not derogate from the provisions of the 199 Constitution.

He noted that Section 254 empowers the Chief Judge to make rules to guide the court’s proceedings.

Justice Saidu, however, said the practice direction does not conflict with the CPA, but is only aimed at preventing trial delays.

Refusing to invalidate the entire Practice Direction, he said: “It does not alter or amend the CPA or the High Court Act. It regulates criminal proceedings. The Chief Judge is empowered by Section 254 of the Constitution to make the direction.”

The Economic and Financial Crimes Commission (EFCC) re-arraigned Atuche and Ojo on charges of acquiring Keystone Bank’s shares using depositors’ funds.

They pleaded not guilty to the 45 counts of conspiracy, reckless granting and approval of loans and money laundering, between September 1, 2006 and 2009.

Atuche was also accused of applying N3.5billion being proceeds of unlawful loans granted to Tradjek Nigeria Limited, a subsidiary of Futureview Financial Services Ltd, in payment for his acquisition of shares of Bank PHB using various companies as fronts with an intention to conceal the ownership of the loans.

EFCC said he collaborated with different companies to conceal the genuine origins of the N3.5billion used to acquire the bank’s shares.

The alleged offences, all of which Atuche denied, contravene Section 14(1) of the Money Laundering (Prohibition) Act and Section 516 of the Criminal Code Act Cap 38, Laws of the Federation of Nigeria 2004.

Reckless granting of loans contravene Section 7(1) (b) of the Advance Fee Fraud and other Fraud Related Offences Act and punishable under section 7(2)(b).

Justice Saidu adjourned the case till November 18 and 19 for trial.

September 30, 2014
Alleged theft: Absence of expert stalls Atuche’s trial

The absence of a handwriting expert on Tuesday stalled the trial of a former managing director of Bank PHB, Francis Atuche, holding before Justice Lateefat Okunnu of the Lagos High Court, Ikeja.

The News Agency of Nigeria reports that Atuche and his wife, Elizabeth, are standing trial for allegedly stealing N25.7 billion belonging to the bank.

They were arraigned by the Economic and Financial Crimes Commission alongside a former Chief Financial Officer of the bank, Ugo Anyanwu.

During Tuesday’s proceedings, the judge notified the parties that the handwriting expert had sent a letter to the court that he would not be available to provide evidence.

The expert witness, who is being called by the defence to analyse some documents relating to the transactions contained in the charge, apologised for his absence.

He informed the court that he was presently testifying in another matter at Onitsha in Anambra and would be available on May 22 and 23.

Following the development, Atuche’s counsel, Chief Anthony Idigbe (SAN) asked the court for an adjournment and also to vacate the May 21 date fixed for the trial.

“The witness is a busy witness. He gives evidence around the country and he has given assurances that he will be here on May 22,” Idigbe said.

Responding, the EFCC counsel, Mr. Kemi Pinheiro (SAN), opposed the call for an adjournment.

Pinheiro argued that the absence of the expert witness does not stop the defence from calling other witnesses.

In a short ruling, the judge held that the reason given by the defence for the adjournment of the proceedings was tenable.

Okunnu, however, said the expert witness did not explain to the court why he would not be available on May 21 and consequently refused to vacate the date.

April 15, 2014
Alleged N25.7billion theft: Atuche loses bid to stay proceedings

Former Managing Director of Bank PHB, Francis Atuche on Monday lost in his bid to stay proceedings in a N25.7 billion theft charge preferred against him by the Economic and Financial Crimes Commission (EFCC).

A Lagos state High court presided by Justice Lateefat Okunnu struck out his application seeking for a stay of proceedings of his trial by the court.

Atuche was charged alongside his wife, Elizabeth, for allegedly stealing N25.7 billion from the defunct Bank PHB.

Charged alongside the couple was a former Chief Financial Officer of the bank, Ugo Anyanwu.

The EFCC had alleged that the offence was committed during the time Atuche was the Chief Executive Officer (CEO) of the bank.

At the resumed hearing of the matter on Monday, Atuche’s counsel, Chief Anthony Idigbe (SAN), had urged the court to stay proceedings of the trial pending the determination of the various appeals filed by the defendants and prosecution at the Court of Appeal, Lagos Division.

Idigbe said the EFCC had filed an application for stay of proceedings at the appeal court and had also petitioned that the panel of judges should be reconstituted.

“The prosecution has filed a stay of proceedings against our appeal at the Appeal Court.

“They want the court to stay hearing of our appeal pending the determination of their own appeal against the ruling delivered by the Appeal Court on November 21,2013 at the Supreme Court”, Chief Idigbe stated.

In a ruling, the Court of Appeal had struck out the theft charges preferred against a former Managing Director of Finbank Plc, Mr Okey Nwosu by the EFCC.

Idigbe had also accused the EFCC of frustrating Atuche’s appeal at the Appeal Court by seeking a stay of proceedings and demanding the reconstitution of the panel of judges.

Idigbe said it was therefore proper and in the interest of justice, for the court to wait for the decision of the apex court.

But the EFCC counsel, Mr. Kemi Pinheiro (SAN), had urged the court to dismiss the defendants application which he said was an abuse of court processes.

Pinheiro argued that the application for stay of proceedings filed by the defendants was a ploy to delay proceedings of the court.

“The law as it stands mandate the court to uphold Section 40 of the EFCC Act,” he submitted.

Justice Okunnu, in her ruling, held that Section 273 of the Administration of Criminal Justice Law (ACJL) prohibited her from entertaining the application.

Okunnu said Section 40 of the Economic and Financial Crimes Commission (EFCC) Act also compelled her not to determine the application.

According to her, Section 36 of the 1999 Constitution of the Federal Republic of Nigeria provides that a criminal charge should be concluded in a timely manner.

“I hereby strike out the application in its entirety,” she said.

The trial judge thereafter adjourned the matter till tomorrow for continuation of trial.

March 10, 2014