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N8bn Scam: CBN Executives, Others To Remain In Prison Till June 15

Xavier Ndanyongmong

Six executives of the Central Bank of Nigeria, CBN, Patience Okoro Eye; Afolabi Olufemi Johnson; Ilori Adekunle Sunday; Kolawole Babalola, Olaniran Muniru Adeola and Fatai Adedokun Yusuf, and others being prosecuted by the Economic and Financial Crimes Commission, EFCC over N8billion mutilated currency recycling fraud, are to remain in prison custody until June 15, 2015. Justice Ayo Emmanuel of the Federal High Court Ibadan, Oyo State yesterday adjourned to Monday June 15 for ruling on the bail application brought by the accused persons.

At today’s sitting counsel to the EFCC, Rotimi Jacobs, SAN, prayed the court not to grant the accused persons bail as they were capable of interfering with the case. He also told the court that some of the accused persons have 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 was better to remand the accused persons in prison custody and order for accelerated hearing. However counsel to the first accused, A. Lawal prayed the court to grant bail to his client, assuring 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 counsel, Justice Ayo Emmanuel adjourned to Monday June 15 for ruling, In a similar development, Jacobs, SAN, 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 eleven-count charge bordering on conspiracy, fraud and stealing.

Specifically, the bankers were alleged to have defrauded their banks various sums of money totaling N1, 141,303,300 using various guises and pretenses. Counsels to the 1st accused person, Otunba Bolanle and counsel to the 2nd and 3rd accused Olalekan Ojo were vehement in their prayers for bail. Justice Emmanuel adjourned the case to June 15 for ruling on the bail applications.

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