Court Convicts Former Bank PHB MD, Atuche, Anyanwu Of N25.7b Theft

A Lagos State High Court sitting in Ikeja on Wednesday convicted the former Managing Director of defunct Bank PHB, Francis Atuche and a former Chief Financial Officer of the bank, Ugo Anyanwu for stealing a N25.7 billion belonging to the bank.

They were were convicted by the court on 21 of the 27-count amended charge of conspiracy to commit felony and stealing brought against them by the Economic and Financial Crimes Commission (EFCC).

The Presiding Judge, Justice Lateefat Okunnu, in a judgement that lasted over 12- hours, held that the EFCC successful proved its case against the convicts beyond a reasonable doubt.

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The judge also held that the offences with which the convicts were charge can not be said to be mere professional negligence as claimed by them but criminal.

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