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Former Managing Director of Bank PHB Given 12 Years Jail Term for N25.7bn Fraud

Justice Lateefa Okunnu of the Lagos State High Court, Ikeja, has sentenced a former Managing Director of defunct Bank PHB Plc, Francis Atuche, to 12 years’ imprisonment for N25.7bn fraud in the bank.

The bank’s former Chief Financial Officer, Ugo Anyanwu, was also sentenced to 10 years’ imprisonment for stealing and conspiracy to steal, while Atuche’s wife, Elizabeth, was discharged and acquitted.

This comes after the EFCC arraigned the defendants before Justice Okunnu over the N25.7bn fraud in 2011.

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