Ex - PHB Bank MD, Francis Atuche Loses Bid As Appeal Court Uphold His Conviction For Fraud

The Court of Appeal in Lagos today upheld the conviction of a former Managing Director of the defunct Bank PHB Plc, Francis Atuche, for an N25.7bn fraud. This comes just two months after he failed to get a national pardon. The ex-bank Chief's pardon request was reportedly rejected by the Council of State. Justice Lateefa Okunnu of a High Court sitting in Ikeja, Lagos, had sentenced Atuche to six years in prison for defrauding the bank of N25.7 billion. An abridged decision of the court to this effect was read by Justice Sadiq Umar. 

The other justices on the panel are Justice Adebukola Banjoko and Justice Kayode Bada. The three-man panel in their decision upheld in part, the June 16, 2021 judgment of Justice Lateefah Okunnu of the Lagos High Court, Ikeja. They also upheld the discharge and acquittal of Atuche’s wife, Elizabeth.

Back in April, in a meeting presided over by President Muhammadu Buhari at Aso Rock, the council failed to consider Atuche’s request. AGF, Abubakar Malami after the meeting said 159 convicted Nigerians were granted pardon based on the recommendations of the Presidential Advisory Committee on Prerogative of Mercy, but that the requests of three convicts were rejected in order not to condone malfeasance. He was particular about one of the three (many believed to be Atuche) whose name he said was submitted as a result of ill health because of a life-threatening ailment, but the council rejected his inclusion for pardon because of the gravity of the offence. Although he didn’t mention the name, a source close to the meeting said it was Atuche.

It has been a marathon of a legal tussle between Atuche and the EFCC since 2011. Before his conviction last June, Atuche broke down in tears as he begged not to be sent to jail. “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,”

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