N25.7bn: Court frees former Bank PHB MD, Francis Atuche, others

Former Managing Director of defunct Bank PHB Francis Atuche, his wife Elizabeth and former Chief Financial Officer of Bank PHB, Mr. Ugo Anyanwu, who have been standing trial for a N25.7 billion fraud case brought against them by the EFCC were freed by a Lagos High Court in Ikeja today June 22nd. The three were accused of stealing the bank funds while Atuche was the MD of the bank.

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According to Vanguard, the presiding judge, Justice Lateef Lawal-Akapo, said the court held that it is duty bound to comply with the decisions of Court of Appeal in the appeal of Okey Nwosu & Erastus Akingbola.