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EFCC prosecutes Former MD and Chief Financial Officer of a Defunct Bank PHB Plc, Francis Atuche

 

Former Managing Director of Defunct Bank PHB Plc, Francis Atuche and the former Chief Financial Officer, Ugo Anyanwu were prosecuted by the Economic Financial Crimes Commission over an alleged sum of money that was stolen N25.7 billion

Their trial was held in Ikeja High Court and their case was presided by Justice Lateefat Okunnu.

Justice Okunnu had sentenced both parties to 6 years imprisonment and the alleged sum of money expected to be paid to relevant agencies who had recovered the money on behalf of the bank.

Atuche in defense had stated the money was loaned not stolen but Justice Okunnu had proven in the court that the money was indeed stolen according to EFCC.

The crime was committed in a strategic way as both parties had hired stockbrokers to transfer money in guise of salaries and loans. This was stated by Justice Okunnu.

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