As the trial of the officials of the Central Bank of Nigeria (CBN) and others commenced on Tuesday, the six staff of the bank implicated in an N8billion currency recycling scam, were remanded in prison custody following their arraignment by the Economic and Financial Crimes Commission (EFCC) before Justice N. Ayo Emmanuel of the Federal High Court sitting in Ibadan, Oyo State.
The suspects: Patience Okoro Eye; Afolabi Olufemi Johnson; Ilori Adekunle Sunday; Kolawole Babalola, Olaniran Muniru Adeola and Fatai Adedokun Yusuf, were arraigned on a five-count charge bordering on conspiracy, fraud and stealing.
Of the said 22 suspects, six are said to be middle level officers of the CBN who have accordingly been dismissed or suspended while the remaining 16 are staff of Zenith Bank, First City Momument Bank (FCMB), Wema Bank, Access Bank, First Bank, Skye Bank, Ecobank and Sterling Bank.
EFCC Head of Media and Publicity, Wilson Uwujaren said: “The apex bank employees were alleged to have 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.”
The offences, according to the anti- graft agency were punishable under “sections 7 (2) of the Bank Employees (Declaration of Assets) Act, Cap B1, Laws of the Federation, 2004, and section 438 (c) of the Criminal Code, Cap C38, Laws of the Federation of Nigeria, 2004.”
When the charges were read to them, they pleaded not guilty.
Count one of the charge read: “That you Patience Okoro Eye; Afolabi Olufemi Johnson; Ilori Adekunle Sunday; Kolawole Babalola, Olaniran Muniru Adeola and Fatai Adedokun Yusuf on or about August 5, 2014 in Ibadan within the jurisdiction of this court, have by virtue of abuse of your office, being employees of the CBN, contributed to the economic adversity of the Federal Republic of Nigeria when you destroyed a box marked “Counted Audited Dirty” filled with Newspapers in place of a box containing N10,000,000 of N1,000 denomination and which activity led to the increase of money in circulation, which the briquetting exercise of the CBN was intended to control and you thereby committed an offence punishable under Section 1(2) (b) and Section 10 (1) of the Recovery of Public Property (Special Provision) Act, Cap. R4, Laws of the Federation Nigeria, 2014”.
Count two read: “That you Patience Okoro Eye; Afolabi Olufemi Johnson; Ilori Adekunle Sunday; Kolawole Babalola, Olaniran Muniru Adeola and Fatai Adedokun Yusuf on or about August 5, 2014 in Ibadan within the jurisdiction of this court, engaged in corrupt practices when you replaced the content of a box of N1,000 denomination in a total sum of N10,000,000 marked as “Counted Audited Dirty” meant for briquetting, with newspapers and which sum you converted to your own use and you thereby committed an offence 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.”
In view of their not guilty plea, prosecuting counsel, Rotimi Jacobs (SAN), prayed the court for a trial date and for the defendants to be remanded in prison custody.
He opposed their bail applications and urged counsel to the defendants to present their bail applications formally to court.
Meanwhile, counsel to the 1st accused person, K. A. Lawal, made an oral application for bail. All other counsel followed suit.
Justice Emmanuel however adjourned the matter to June 9 for the hearing of the bail applications and July 6 and 7, 2015 for commencement of trial.
He also ordered that all the defendants be remanded in Agodi prison custody in Ibadan.
It will be recalled that on November 03, 2014, the newly appointed Governor Godwin Emefiele directed the CBN to lodge a petition with the EFCC and invited the agency to take over and prosecute the cases involving the swapping of mutilated Naira notes meant for destruction in its Ibadan branch which was then being investigated internally. The Apex bank had found that practice started in 2011 and wanted to take decisive steps to stop it resulting in Tuesday’s charges.
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