Francis Atuche, a former Managing Director of Bank PHB (now part of Keystone Bank) has been sentenced to six years imprisonment by an Ikeja High court, for defrauding the bank the sum of N25.7 billion.
This was disclosed by Justice Lateefa Okunnu after a 12-hour judgment on Wednesday in a trial that has lasted 10 years.
Also sentenced was the former CFO of the bank, Ugo Anyanwu, to four years’ imprisonment, citing that there was enough evidence beyond reasonable doubt that both men committed financial fraud.
The judge held that the Economic and Financial Crimes Commission (EFCC) proved beyond reasonable doubt that the convicts committed the fraud.
For financial crimes committed nearly the same period, The Lagos High Court presided by Justice Lateefa A. Okunnu also convicted the former Managing Director of Finbank Plc, Okey Nwosu, and three other former directors earlier this year, over stealing and illegal conversion of the sum of N10.9 billion.
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