The Court of Appeal sitting in Lagos has affirmed the conviction of a former Managing Director of the defunct Bank PHB Plc, Francis Atuche, for N25.7biillion fraud.

The court also affirmed the conviction of Atuche’s accomplice and co-convict, Ugo Anyanwu, who was the bank’s former Chief Financial Officer.

It also affirmed the acquittal of Atuche’s wife, Elizabeth.

The three-man panel of the court upheld in part, the June 16, 2021 judgment of Justice Lateefa Okunnu of the Lagos State High Court, Ikeja.

On September 2, 2021, the Ikeja High Court also ordered the freezing of assets and funds amounting to N19,178,253,050 allegedly kept in 24 banks by Atuche.

The council of state in April rejected Atuche’s request for pardon.

His name was among the 162 names presented to the council of state for clemency, but it did not make the final list of 159 offenders granted pardon.

Book On The Dynamics of Mediation, Negotiation & Arbitration In A Globalized World [Order Your Copy]

Price: ₦15,000 or £20 per copy [Hard Back– 21 chaps/700 pages]: Contact: info@idrinstitute.com, info@adrinafrica.org WhatsApp only: 0803-703-5989 : Voice Call Mobile: 0817-630-8030, 0909-965-1401; 0705-767-0347; 0912-173-4691 : Landline: 09-2913581; 09-2913499

[Now On Sale] Book On “International Arbitration & ADR And The Rule Of Law”

Price: ₦15,000 or £20 per copy [Hard Back– 20 chaps/715 pages] Contact Information Email: info@idrinstitute.cominfo@adrinafrica.org WhatsApp only: 0803-703-5989 Voice Call – Mobile: 0817-630-8030,+234-805-2128-456, +234-909-9651-401 Landline: 09-2913581, +234-9-2913499, +234-9-2919209 Office Address: 50 Julius Nyerere Crescent, [Next To The World Bank], Asokoro, Abuja – Nigeria. Bank Account DetailsBank Name: UBA Plc.; Account Name: International Dispute Resolution Institute; Account Number: 1014072579