Supreme Court Upholds Six-Year Sentence for Former Bank PHB Managing Director, Francis Atuche

-

  



In a decisive ruling, the Supreme Court has affirmed the conviction and six-year prison sentence of Francis Atuche, the former Managing Director of the now-defunct Bank PHB. The apex court's unanimous decision was delivered on Friday by a five-member panel, rejecting Atuche's appeal against his conviction for a N25.7 billion fraud.


The appeal, marked SC/CR/1223/2023, was found to be without merit. Justice Habeeb Abiru prepared the lead judgment, which was read by Justice Moore Adumein. The court held that Atuche failed to provide sufficient grounds to overturn the concurrent findings of both the High Court and the Court of Appeal.


“Where the finding of a trial court on the demeanour of a witness is supported by oral and documentary evidence tendered at the trial, as in the present case, an appellate court has no business tampering with the decision of the trial court,” the judgment stated. The Supreme Court upheld the earlier decision by the Court of Appeal, which had affirmed Atuche’s conviction but reduced his sentence from 12 years to six years.


The Court of Appeal in Lagos had previously upheld Atuche’s conviction on 21 out of 27 counts of conspiracy and stealing, related to the N25.7 billion fraud case. The Economic and Financial Crimes Commission (EFCC) had prosecuted Atuche, his wife Elizabeth, and the former Chief Financial Officer of Bank PHB, Ugo Anyanwu.


Justice Lateefat Okunnu of the High Court of Lagos State initially sentenced Atuche to 12 years in prison and Anyanwu to 10 years in a judgment delivered on June 16, 2021. However, Atuche’s sentence was later reduced to six years by the Court of Appeal, while Anyanwu’s sentence was reduced to eight years.


In the same case, Justice Okunnu acquitted Atuche’s wife, Elizabeth, due to insufficient evidence linking her to the crime. The judge emphasized that suspicion could not replace concrete evidence, noting that Elizabeth Atuche was unaware of the fraudulent source of the funds she received from her husband and had no role in influencing the transactions.


The Supreme Court’s decision marks a significant affirmation of the judicial process in Nigeria, underscoring the importance of accountability and the rule of law. It sends a strong message about the consequences of financial crimes and the judiciary's commitment to upholding justice.



Comments

Post a Comment

Popular posts from this blog

Title: Nepotism on the Bench: The Impact of Political Favoritism in Nigeria's Judiciary

-
Image
  In Nigeria, the judiciary stands as a pillar of democracy, tasked with upholding the rule of law and ensuring justice for all. However, recent events have cast a shadow over the integrity of the judiciary, as political favoritism and nepotism have infiltrated the process of judicial appointments. One glaring example of this troubling trend emerged with the recent list of appointments to the appeal court, where the wife of Nyesom Wike, the Minister of Federal Capital Territory, secured a position. This appointment raised eyebrows and sparked widespread debate about the fairness and transparency of the selection process. Nepotism, the practice of favoring relatives or friends in appointments, promotions, or business dealings, has long plagued Nigerian society. In the context of the judiciary, nepotism undermines the principles of meritocracy and impartiality, eroding public trust in the legal system. The appointment of family members of high-ranking politicians to judicial positions no
Read more

From Rent to Own: Why Saving Early is Key to Buying a House in Nigeria

-
Image
   In Nigeria, the dream of owning a home can seem out of reach for many, especially those with low incomes. However, with strategic planning and a commitment to saving early, this dream can become a reality. This article explores the importance of early savings, the challenges faced by low-income earners, and how government policies can assist in the journey from renting to owning a home. The Nigerian Housing Market: An Overview Nigeria’s housing market presents unique challenges, particularly for low-income earners. The high cost of housing, coupled with inflation and economic instability, makes it difficult for many to save enough for a down payment. Yet, owning a home remains a significant goal for most Nigerians, offering stability and a sense of achievement. Why Save Early? 1. Compounding Interest: The earlier you start saving, the more time your money has to grow through compound interest. Even small, regular contributions can accumulate significantly over time, easing the finan
Read more

30 Nigerian Governors Spend N968.64bn on Refreshments and Other Expenses in Three Months: Report

-
Image
In an alarming revelation, a recent report has highlighted the extravagant spending habits of Nigerian state governors. Despite the nation's economic struggles and the government's difficulty in meeting the N30,000 minimum wage for workers, governors have collectively spent a staggering N968.64 billion on refreshments and other non-essential expenses over just three months. The analysis, derived from budget performance reports sourced from Open Nigerian States, a BudgIT-backed platform that provides comprehensive government budget data, paints a stark picture of fiscal irresponsibility. In the first nine months of 2023, the 36 states of the federation collectively spent N1.71 trillion on recurrent expenditures. These expenditures include allowances, foreign trips, office supplies, aircraft maintenance, and more. If salaries are included, the total recurrent spending would escalate to N2.52 trillion. The breakdown of these expenditures reveals a pattern of lavish spending on non
Read more