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Bank MD, CFO Sentence 124 Years Imprisonment

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NAIJA NEWS: Bank MD, CFO Sentence 124 Years Imprisonment [New Naija News] » Naijacrawl
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Though their action contributed to the fall of the rising bank then, however, a Lagos State High Court sitting in Ikeja on Wednesday sentenced the former Managing Director of defunct Bank PHB, Francis Atuche and a former Chief Financial Officer of the bank, Ugo Anyanwu to 126 years imprisonment for stealing a N25.



7 billion theft belonging to the bank.

The 3rd defendant, Anyanwu was sentenced to eighty-four years of the twenty seven counts amendment with which he was charged with.

The former bank chiefs were convicted by the court on 21 of the 27-count amended charge of conspiracy to commit felony and stealing brought against them by the Economic and Financial Crimes Commission (EFCC).

The Presiding judge, Justice Lateefat Okunnu in a judgement that lasted over 12- hours held that the EFCC successful proved its case against the convicts beyond reasonable doubt.

The judge also held that the offences with which the convicts were charge can not be said to be mere professional negligence as claimed by them but criminal in nature.

The court further held that Atuche and Anyanwu abuse their powers, ignored established rules and regulations thereby putting the bank and depositors funds in danger.

The court also stated that the convicts corruptly took advantage of their positions to conferred on themselves undue financial benefits without regard to health of the bank.

The court, however, cleared Atuche’s wife of the charge of conspiracy and stealing.

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Piroll
 

Piroll is a creative writer, social-political commentator, socio-researcher, and sports analyst. He holds certificates in media management and data journalism from the Thomas Foundation Institute of Journalism. He works as a... Read More

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