After about 10 years of trial, a former Managing Director of defunct Bank PHB, Francis Atuche, has been convicted by an Ikeja Division of the Lagos State High Court.
A former Chief Financial Officer of the bank, Ugo Anyanwu was also convicted.
Elizabeth, wife of Mr Atuche was freed and acquitted by the court.
The convicted bankers were found guilty of stealing and conspiracy to steal N25.7bn belonging to the bank.
They were arraigned in 2011 and there has been two re-arraignments and transfer of the case before judgment was delivered on Wednesday.
Mr. Atuche was therefore sentenced to 12 years imprisonment while Ugo Anyanwu got 10 years imprisonment
Mr Atuche was one of the bank chiefs ousted by the former governor of the Central Bank of Nigeria, Sanusi Lamido Sanusi, in 2009.
Meanwhile, presiding judge, Lateefat Okunnu who sat at Ikeja High Court, may have made history by sitting and delivering one judgment for 12 straight hours.
Justice Okunnu began sitting about 9.15am and until 9.15pm when it pronounced the accused as guilty, the court was still sitting.