Nigeria’s apex court has upheld the conviction of Francis Atuche, the former Managing Director of the defunct Bank PHB Plc, marking the end of a 13-year legal saga. The Supreme Court delivered its unanimous judgment on Friday, June 28, with Justice Moore Adumein reading the verdict.
In its ruling, the court determined that Atuche failed to disprove the findings of both the trial court and the Court of Appeal regarding his credibility. Justice Adumein stated, “The appellant, Francis Atuche, failed to dislodge the finding of the trial court and the Court of Appeal on his credibility.” The court emphasized that it typically upholds a trial court’s decision when supported by documentary evidence, indicating that an appellate court should not interfere with such decisions.
The Supreme Court concluded that there was no justification to overturn the concurrent findings of the lower courts. “The appellant had not given it any reason to tamper with the concurrent findings of the two lower courts,” the judgment read.
Atuche, along with his wife, Elizabeth, and the bank’s former chief financial officer, Ugo Anyanwu, were initially arraigned by the Economic and Financial Crimes Commission (EFCC) in 2011 before Justice Okunnu of the High Court of Lagos State. They faced a 27-count amended charge for their involvement in a N25.7 billion fraud.
During the trial, EFCC prosecutor Dr. Kemi Pinheiro (SAN) presented evidence that led to the conviction of Atuche and Anyanwu on June 16, 2021, while Elizabeth Atuche was acquitted. Justice Okunnu highlighted the fraudulent activities, stating, “Both convicts defrauded the bank using well-recognized 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.”
Following the high court’s judgment, Atuche appealed the decision. On June 23, 2022, the Court of Appeal upheld the convictions of Atuche and Anyanwu, although Atuche’s sentence was reduced to 12 years imprisonment.
Earlier this year, the Supreme Court heard the final appeal. The legal team for the state was led by Dr. Pinheiro SAN, who held the fiat of the Honourable Attorney General of the Federation, and included notable lawyers such as Sebastine Hon SAN. Atuche’s defense was represented by prominent attorneys including Chief Wole Olanipekun SAN, Chief Anthony Idigbe SAN, and Prof. Fidelis Oditah SAN.
This verdict by the Supreme Court brings closure to one of Nigeria’s most high-profile financial crime cases, reinforcing the judiciary’s stance on corporate fraud and corruption.
