N8bn Scam: Embattled 6 CBN Staff Remanded In Ibadan Prison

Posted by African Examiner Business News, Featured, Latest Headlines Tuesday, June 2nd, 2015

By Niyi Adeyi – For being implicated in N8billion defaced and mutilated currency recycling scam, six staffers of the Central Bank of Nigeria, (CBN), were Tuesday remanded in Agodi prison custody in Ibadan, the Oyo State capital.

Justice Ayo Emmanuel of a Federal High Court sitting in Ibadan, made the order in a suit filed before it by the anti-graft body, the Economic and Financial Crimes Commission, (EFCC).

In a press statement issued Tuesday, by the agency’s Head of Media and Publicity, Wilson Uwujaren, the suspects included: Patience Okoro Eye; Afolabi Olufemi Johnson; Ilori Adekunle Sunday; Kolawole Babalola, Olaniran Muniru Adeola and Fatai Adedokun Yusuf. They were arraigned on a five -count charge including conspiracy, fraud and stealing.

The apex bank employees allegedly compromised the CBN’s “Briquetting exercise”, meant to mop up mutilated and defaced higher denomination currencies from circulation, to combat inflation.

Instead of destroying the currencies, they allegedly recycled the notes and substituted them with newspapers neatly cut to Naira sizes.

When the charges were read to them, the suspects pleaded not guilty of the charge which involved the sum of N10,000,000 (Ten Million Naira).

The offence committed by the six suspects is punishable under Section 1(2) (a) and Section 10 (1) of the Recovery of Public Property (Special Provision) Act, Cap. R4, Laws of the Federation Nigeria, 2014.

The statement stated that in view of their plea, the prosecuting Counsel, Mr. Rotimi Jacobs, (SAN), prayed the court for a trial date and for the defendants to be remanded in prison custody and subsequently opposed their bail applications, yet urged their Counsel to present the applications formally to court, a request obliged by them – Counsels to the suspects.

Despite this, Justice Emmanuel ordered the accused be remanded in prison, while he adjourned next hearing for applications of bail and commencement of trial, till July 6 and 7, 2015.