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The Courtroom of Enchantment in Lagos has affirmed the conviction of a former Managing Director of the defunct Financial institution PHB Plc, , for N25.7 billion fraud.
The courtroom additionally affirmed the conviction of Mr Atuche’s confederate and co-convict, Ugo Anyanwu, who was the financial institution’s former Chief Monetary Officer.
It additionally affirmed the acquittal of Atuche’s spouse, Elizabeth.
The three-man panel of the courtroom comprising Justices Sadiq Umar, Adebukola Banjoko, and Kayode Bada Francis Atuche upheld partly, the June 16, 2021 judgment of Justice Lateefa Okunnu of the Lagos State Excessive Courtroom, Ikeja.
The excessive courtroom had sentenced Messrs Atuche and Anyanwu to 6 years in jail. The convicts challenged their convictions and prayed to the appellate courtroom to put aside the decrease courtroom’s determination.
However in an abridged ruling learn by Mr Umar, the three-man panel upheld the EFCC’s arguments and unanimously dismissed the attraction.
They have been arraigned in 2011 earlier than Mrs Okunnu they usually pleaded not responsible.
Studying her judgment that lasted over 10 hours, Mrs Okunnu upheld the arguments of Kemi Pinheiro (SAN), the EFCC prosecutor, that the N25.7 billion was stolen, not loaned, as argued by Mr Atuche.
She held that the cash belonged to the financial institution and that it was able to being stolen.
“The first defendant confirmed the financial institution’s possession of the cash when he mentioned the financial institution in lending cash makes a revenue.
“I’m persuaded by the assertion of Pat Utomi that ‘The financial institution nonetheless has management over the cash that’s left in its coffers, irrespective of who makes use of it’.
“Helen Eriyo, who’s the account officer of Petosan, being unaware of the loans granted, lends credit score to the testimony of Mr Ololo that he was not conscious of the mortgage.
“The alter egos and true directing minds of the businesses knew nothing in regards to the loans. The loans certainly have been a hoax.”
The decide additionally held that the primary and third defendants didn’t debunk the proof of the prosecution that the loans have been used to buy shares.
“They somewhat contended that the monies granted as mortgage may very well be used for no matter functions.”
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