Former Managing director of Bank PHP, Francis Atuche has been sentenced to 6 years in prison for stealing over N25 billion naira from the bank.
In an Ikeja High Court on Wednesday night, Atuche, a former Managing Director (MD) of Bank PHB, begged Justice Lateefa Okunnu not to send him to prison following his conviction for defrauding the bank of N25.7 billion.
Atuche and Ugo Anyanwu, a former Chief Financial Officer (CFO) of the bank, were both found guilty of 22 of the 27 counts of conspiracy and stealing charge proffered against them by the Economic and Financial Crimes Commission (EFCC) in 2011. Okunnu found Atuche’s wife, Elizabeth, who faced trial alongside the duo, not guilty of two counts of conspiracy and stealing brought against her.
Atuche and Anyanwu were sentenced at nighttime following a very length judgment that began at 9:12 a.m. and ended at 9:21 p.m. After convicting Atuche and Anyanwu at 8:18p.m., the judge asked if they had any plea to make. They answered in the affirmative.
Addressing the court, Atuche begged not to be sent to jail. He prayed Okunnu to temper justice with mercy.
“All the time I was the MD of Bank PHB, I gave my all to the bank.
“Never at any material time did it occur to me that I would set up a scheme to defraud the bank.
“I plead for mercy, leniency, your kindness, and I plead that out of your kindness and generosity, you will not allow me to go to jail.
“I am sorry and remorseful,” he said. Atuche told the court that as a professional banker and chartered accountant, he certainly did not want to become a convict.
“I pray that God will place in your heart to be kind.
“I plead from the bottom of my heart. I’m extremely sorry; today will be a turning point in my life, I’m very sorry,” he begged. Atuche’s counsel, Mr Paul Nneoma, in his plea for mercy, described Atuche as a responsible family man who had never been convicted of any crime.
He appealed to the court to give Atuche a fine instead of incarceration, in order to preserve his professional career. Pleading also, Anyanwu told the court that he was the only son of a police officer who died when he was barely a year old. He said that he grew up on the premise of hardwork.
“What I achieved in the banking industry is by stint of hard work. I have suffered in the last 10 years of this trial.
“I am sorry if I was appearing cocky in the witness box during my examination-in-chief.
“I have two kids who are barely teenagers. They look up to their father, and I wonder what kind of impact this will have on them.
“Please temper justice with mercy,” Anyanwu prayed. Anyanwu’s counsel, Mr Silva Ogwemoh (SAN), also begged for mercy on his client.
He said that one of Anyanwu’s children had a medical condition requiring special attention. He added that Anyanwu was hypertensive, urging that the court should take judicial notice of the COVID-19 pandemic and impose a fine on him instead of custodial sentence.
Reacting to the pleas of the defendants, EFCC team led by Mr Kemi Pinheiro (SAN), requested for a stiff sentence as well as an order of restitution against the convicts. He said that Lagos State Government spent much funds and resources prosecuting the case in the past 10 years.
“We were taken to the Court of Appeal, the Supreme Court several times by the defendants.
“During the trial, they were rude and cocky. That is not remorse, the third defendant (Anyanwu) decided to hold unto his loyalty to his boss (Atuche) against his loyalty to the state.
“We pray the court imposes the maximum sentence and orders restitution,” he said.
Okunnu eventually sentenced Atuche to six years’ jail term and gave Anyanwu four years’ imprisonment
She equally made an order for restitution.
Okunnu revealed that Atuche and Anyanwu defrauded Bank PHB of billions of naira using well-recognised stock brokers to transfer money belonging to the bank under the guise of loans and shares.
“It was a well-planned, well-executed scheme but the bubble burst when the Central Bank of Nigeria (CBN) intervened,” she said.
The judge held that neither Atuche of Anyanwu was convincing as ‘witnesses of truth’.
“The first defendant (Atuche) was diversionary and evasive on the witness stand; sometimes confrontational and rude.
“The third defendant (Anyanwu) was also combative and rude under cross-examination,” she said.