An Ikeja High Court on Wednesday sentenced former Managing Director of the defunct Bank PHB (now Keystone Bank) Francis Atuche to six years imprisonment for N25.7 billion fraud.
His co-defendant, Ugo Anyanwu, was also sentenced to four years imprisonment.
However, the judge discharged and acquitted Atuche’s wife of charges of conspiracy and stealing.
Atuche and Anyanwu were convicted in 21 of 27-count charges against them.
Justice Lateefat Okunnu convicted Atuche and Anyanwu on counts 1 to 11, 14-20, 23, 24 and 27.
“The first and third defendants did not debunk the evidence of the prosecution that the loans were used to purchase shares.
“They rather contended that the monies granted as loan could be used for whatever purposes,” she said.
In a judgement that lasted over 11 hours, Justice Okunnu held that the EFCC successful proved its case against the convicts beyond a reasonable doubt.