An Ikeja Division of the Lagos State High Court on Wednesday convicted the former managing director of Bank PHB, Francis Atuche, and the bank’s former chief financial officer, Ugo Anyanwu, of ₦25.7 billion fraud.

They were both found guilty of 22 of the 27 counts of conspiracy and stealing charge proffered against them by the Economic and Financial Crimes Commission (EFCC) in 2011.

While Mr Atuche was sentenced to six years in prison, Mr Anyanwu got four years.

Mr Atuche’s wife, Elizabeth, who faced trial alongside the duo, was, however, found not guilty of the two counts of conspiracy and stealing brought against her.

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