Appeal Court affirms ex-bank boss’ conviction, reduces jail term

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Former Managing Director of defunct Bank PHB Plc, Francis Atuche, has been granted a reduced sentence from 12 years to six years by the Court of Appeal sitting in Lagos on Thursday.

The court also affirmed the conviction of Atuche’s co-convict Ugo Anyanwu, who was sentenced to 10 years’ imprisonment by the lower court for stealing and conspiracy to steal.

Anyanwu’s jail term was also reduced to eight years.

Justice Lateefa Okunnu of the Lagos State High Court sitting at Ikeja had on June 16, 2021, sentenced Atuche, to 12 years’ imprisonment for N25.7bn fraud in the bank.

While his former Chief Financial Officer, Ugo Anyanwu, was sentenced to 10 years imprisonment for stealing and conspiracy to steal and Atuche’s wife, Elizabeth, was discharged and acquitted.

Attuche was not satisfied with the judgement of the lower court so he approached the court of Appeal to challenge the judgement.

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