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The Appeal Court sitting in Lagos has upheld the conviction of former Managing Director (MD) of former Bank PHB Plc, Francis Atuche who was convicted in connection with N25.7bn fraud.
At a hearing on Thursday, the court however reduced his sentence of 12 years to six years.
The court also affirmed the conviction of Atuche’s co-convict, Ugo Anyanwu, who was sentenced to 10 years’ imprisonment by the lower court for stealing and conspiracy to steal.
Anyanwu’s jail term was also reduced to eight years.
Justice Lateefa Okunnu of the Lagos State High Court sitting at Ikeja had on June 16, 2021, sentenced Atuche, to 12 years’ imprisonment for N25.7bn fraud in the bank.
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While his former Chief Financial Officer, Ugo Anyanwu, was sentenced to 10 years imprisonment for stealing and conspiracy to steal and Atuche’s wife, Elizabeth, was discharged and acquitted.
Atuche, who was dissatisfied with the judgement approached the court of Appeal to challenge the judgment.
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