N25bn fraud: Court of Appeal affirms conviction of ex-Bank PHB MD Atuche, Anyanwu

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The Court of Appeal, Lagos Division, has upheld the conviction of ex-Managing Director of the defunct Bank PHB Plc, Francis Atuche and ex-Chief Financial

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Atuche and Anyanwu had approached the appellate court to set aside their conviction by Justice Lateefa Okunnu of the Lagos State High Court in Ikeja.On Thursday, Justices Sadiq Umar, Adebukola Banjoko and Kayode Bada resolved all the issues in the appeal in favour of the Economic and Financial Crimes Commission.The court also affirmed the discharge and acquittal of Atuche’s wife, Elizabeth.

In September 2016, the court ordered Justice Okunnu to hands-off the trial, but did not quash the numbers of counts against the defendants.The apex court then directed that the case be returned to Justice Okunnu for continuation of trial. The judge told Atuche and Anyanwu that the amount in question was diverted as the first and third defendants admitted that loans were used to purchase shares.

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