The former managing director of the defunct Bank PHB Plc, Francis Atuche, and the bank’s former chief financial officer, Ugo Anyanwu, have been found guilty of fraud by an Ikeja Division of the Lagos State High Court on Wednesday.

Recall that Atuche was arraigned for fraud of N125 billion, while his wife, Elizabeth, was also indicted in the case.

While the judge found Atuche and Anyanwu guilty of stealing and conspiracy to steal, Elizabeth, was cleared of all the charges and acquitted.

They were accused of stealing N25.7 billion belonging to the bank and were arraigned in 2011 before Justice Lateefa Okunnu of the Ikeja Division of the Lagos State High Court.

This is just as Mr Atuche stood trial over N125 billion alleged fraud before the Lagos Division of the Federal High Court.

He was subsequently arraigned in 2014, alongside Charles Ojo, a former managing director of Spring Bank Plc, on an amended 45 counts before Justice Saliu Seidu, before the judge was transferred out of the Lagos division.

The case was subsequently transferred to Justice Ayokunle Faji and the defendants re-arraigned in 2017.

Details soon…