An Ikeja High Court has sentenced  Francis Atuche, a former Managing Director of the defunct Bank PHB (now Keystone Bank) to six years’ imprisonment for defrauding the bank of N25.7 billion.

In a 12-hour judgment, Justice Lateefat Okunnu, also sentenced Ugo Anyanwu, a former Chief Financial Officer of the bank to four years’ imprisonment.


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The judge held that the Economic and Financial Crimes Commission proved beyond reasonable doubt that the convicts committed  fraud.

Okunnu, however, discharged Atuche’s wife Elizabeth, who was facing trial alongside the duo.