Francis Atuche: Ex-Bank MD sentenced to 6 years in Prison, begs for mercy

Francis Atuche, a former Managing Director (MD) of Bank PHB and Ugo Anyanwu, a former Chief Financial Officer (CFO) of the bank, has been sentenced for N25.7 billion fraud.

Ikeja High Court on Wednesday was tensed, as Anyanwu begged Justice Lateefa Okunnu not to send him to prison following his conviction.

Atuche and Ugo Anyanwu were both found guilty of 22 of the 27 counts of conspiracy and stealing charge proffered against them by the Economic and Financial Crimes Commission (EFCC) in 2011.

The wife of Atuche, Elizabeth, who faced trial alongside the duo, was found not guilty of two counts of conspiracy and stealing brought against her.

After Atuche and Anyanwu’s conviction, the judge asked if they had any plea to make. They answered in the affirmative.

Addressing the court, Atuche begged not to be sent to jail. He prayed Okunnu to temper justice with mercy.

“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,” he said. Atuche told the court that as a professional banker and chartered accountant, he certainly did not want to become a convict.

“I pray that God will place in your heart to be kind.

“I plead from the bottom of my heart. I’m extremely sorry; today will be a turning point in my life, I’m very sorry,” he begged.

Also, Atuche’s counsel, Mr Paul Nneoma, in his plea for mercy, described Atuche as a responsible family man who had never been convicted of any crime.

He appealed to the court to give Atuche a fine instead of a prison sentence. Anyanwu also told the court that he was barely a year old when he lost his mother.

“What I achieved in the banking industry is by stint of hard work. I have suffered in the last 10 years of this trial.

“I am sorry if I was appearing cocky in the witness box during my examination-in-chief.

“I have two kids who are barely teenagers. They look up to their father, and I wonder what kind of impact this will have on them.

“Please temper justice with mercy,” Anyanwu prayed. Anyanwu’s counsel, Mr Silva Ogwemoh (SAN), also begged for mercy on his client.

He said that one of Anyanwu’s children had a medical condition requiring special attention. He added that Anyanwu was hypertensive, urging that the court should take judicial notice of the COVID-19 pandemic and impose a fine on him instead of a custodial sentence.

Reacting to the pleas of the defendants, the EFCC team led by Mr Kemi Pinheiro (SAN), requested a stiff sentence as well as an order of restitution against the convicts. He said that Lagos State Government spent many funds and resources prosecuting the case in the past 10 years.

“We were taken to the Court of Appeal, the Supreme Court several times by the defendants.

“During the trial, they were rude and cocky. That is not remorse, the third defendant (Anyanwu) decided to hold unto his loyalty to his boss (Atuche) against his loyalty to the state.

“We pray the court imposes the maximum sentence and orders restitution,” he said.

Mrs Okunnu eventually sentenced Mr Atuche to six years’ jail term and gave Mr Anyanwu four years’ imprisonment.

On the charge of conspiracy against Mrs Atuche, the judge held that there was no evidence that linked her to the shares bought for the two companies affiliated with her.

Mrs Atuche, who was reciting prayers with a rosary during proceedings, heaved a sigh of relief upon hearing the verdict.