Court frees former Bank PHB boss, Atuche, others; dismisses N25 billion fraud case

A Lagos High Court in Ikeja has struck out a N25.7 billion criminal charge brought against Francis Atuche, a former Managing Director of the now defunct Bank PHB.

The Economic and Financial Crimes Commission had instituted a 27-count charge including stealing and conspiracy against Mr. Atuche; his wife, Elizabeth; and the bank’s Chief Financial Officer, Ugo Anyanwu.

In his ruling, Judge Lateef Lawal-Akapo said the EFCC failed to prove that the defendants stole money from the bank.

Details later…