8bn Naira Scam: CBN Executives, Others To Remain In Prison Till June 15

Six executives of the Central Bank of Nigeria (CBN) and others, being prosecuted for eight billion Naira mutilated currency recycling fraud, are to remain in prison custody until June 15.

The development followed the decision of the court on Tuesday to adjourn the hearing on a request for their bail to that date.

At the trial, the counsel to the prosecutor, the Economic and Financial Crimes Commission (EFCC) asked the court to deny the accused persons bail.

The accused CNB executives are; Patience Okoro Eye; Afolabi Olufemi Johnson; Ilori Adekunle Sunday; Kolawole Babalola, Olaniran Muniru Adeola and Fatai Adedokun Yusuf.

Justice Ayo Emmanuel of the Federal High Court Ibadan, Oyo State, adjourned to Monday, June 15, for ruling on the bail application brought by the accused persons.

At the sitting, counsel to the EFCC, Mr Rotimi Jacobs, said his request was based on the chances that the accused persons were capable of interfering with the case.

He also told the court that some of the accused persons had threatened witnesses in the case who are staff of the apex bank, prompting the bank to transfer such staff.

He said: “In view of Public interest and the current mood of the nation, it is better to remand the accused persons in prison custody or for the hearing to be accelerated”.

However, counsel to the first accused, A. Lawal prayed the court to grant bail to his client, assuring the court that he would be available to face his trial.

The same argument was canvassed by counsel to other accused persons who prayed the court to grant bail on liberal terms.

After listening to the submissions of the counsels, Justice Emmanuel adjourned to the case.

In another case, Mr Jacobs, also prayed the court to refuse three former staff of CBN and two staff of Sterling bank bail.

The accused – Kolawole Babalola, Olaniran Muniru Adeola, Toogun Kayode Philips (all former staff of the CBN) and Salami Ibrahim and Oddiah Emmanuel (both staff of Sterling Bank Plc) – were arraigned on an 11-count charge bordering on conspiracy, fraud and stealing.

Specifically, the bankers were alleged to have defrauded their banks various sums of money, totalling 1.141 billion Naira, using various guises and pretences.

Counsels to the first accused person, Otunba Bolanle and counsel to the second and third accused persons, Olalekan Ojo, were vehement in their prayers for bail.

Justice Emmanuel adjourned the case to June 15, for ruling on the bail applications.

The same scenario played out in the case involving Babalola, Adeola and Toogun Kayode Philips and Tope Akintade, staff of Ecobank Plc, who were docked on a 15-count charge bordering on conspiracy, fraud and stealing to the tune of 910.2 million Naira.