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A Lagos high court on Monday freed Francis Atuche, former managing director of defunct Bank PHB, of the N25.7 billion criminal charge against him.
The Economic and Financial Crimes Commission (EFCC) had arraigned Atuche, his wife Elizabeth and Ugo Anyanwu, a former chief financial officer of the bank, for stealing the said sum.
Atuche had denied the theft, saying as a devout member of the Catholic Church, he could not indulge in such unwholesome practice.
In his ruling, Lateef Lawal-Akapo, the presiding judge, held that there was no evidence to prove that the accused stole the money.