The Supreme Court of Nigeria has upheld the conviction of Francis Atuche, former Managing Director of Bank PHB (now Keystone Bank), in a landmark N25.7 billion fraud case.
In a unanimous decision delivered on Friday, the apex court affirmed the rulings of both the Lagos High Court and the Court of Appeal, bringing to a close a legal battle that has spanned over 13 years.
Justice Moore Adumein, reading the judgment, stated that Atuche failed to provide any compelling reasons for the Supreme Court to interfere with the concurrent findings of the two lower courts.
Background
In 2011 when the Economic and Financial Crimes Commission (EFCC) brought charges against Francis Atuche, the former Managing Director of Bank PHB (now Keystone Bank), his wife Elizabeth, and Ugo Anyanwu, a former Chief Financial Officer of the bank.
The trio faced a 27-count amended charge before Justice Lateefat Okunnu of the Lagos High Court. The charges included conspiracy to commit felony and stealing, involving a substantial sum of N25.7 billion.
On June 16, 2021, after a lengthy 12-hour judgment, Justice Okunnu convicted Atuche and Anyanwu on 21 of the 27 counts.
The court determined that the EFCC had proven its case beyond reasonable doubt. Atuche received a 12-year prison sentence, while Anyanwu was sentenced to 10 years. Elizabeth Atuche was acquitted as the court found insufficient evidence linking her to the crime.
Dissatisfied with the High Court’s decision, Atuche and Anyanwu appealed the judgment. On June 23, 2022, the Court of Appeal affirmed their convictions but modified the sentences.
Atuche’s jail term was clarified to be six years served concurrently, and Anyanwu’s sentence was reduced from 10 to eight years. The appellate court also upheld Elizabeth Atuche’s acquittal.
Following the Court of Appeal’s decision, Atuche further appealed to the Supreme Court. The apex court heard arguments from Senior Advocates of Nigeria, including Wole Olanipekun, who led Chief Anthony Idigbe and Prof. Fidelis Oditah for Atuche’s appeal.
Dr. Kemi Pinheiro, representing the state, led a team of lawyers including Senior Advocate of Nigeria, Sebastine Hon.
Court’s Decision
The Supreme Court of Nigeria delivered a unanimous judgment upholding the conviction of Francis Atuche in the N25.7 billion fraud case.
Justice Moore Adumein, reading the court’s decision, stated that Atuche had failed to provide any compelling reasons for the Supreme Court to interfere with the concurrent findings of the two lower courts.
The apex court emphasized its established principle of not tampering with a trial court’s decision on witness credibility when supported by documentary evidence.
The court found that Atuche did not successfully challenge the lower courts’ findings regarding his credibility.
