Six CBN officials remanded in Agodi Prison over N8bn currency recycling scam

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Six staff of the Central Bank of Nigeria, CBN, implicated in an N8 billion defaced and mutilated currency recycling scam, have remanded in prison custody following their arraignment by the Economic and Financial Crimes Commission, EFCC.

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, before Justice N. Ayo Emmanuel of a Federal High Court sitting in Ibadan, Oyo State.

CBN Staffs From Left Yusuf Fatai, Toogun Kayode, Afolabi     Olufemi Johnson, Olaniran Muniru Adeola, Patience O Eye and Ilori   Adekunle   Sunday.

Specifically, 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.

When the charges were read to them, they pleaded not guilty.

In view of their plea, prosecuting counsel, Rotimi Jacobs, SAN, prayed the court for a trial date and for the defendants to be remanded in prison custody.

CBN On their way  to Court.

He opposed their bail applications and urged counsel to the defendants to present their bail applications formally to court.

However, 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, 2015 for hearing of the bail applications and July 6 and 7, 2015 for commencement of trial.

He ordered that all the defendants be remanded in Agodi prison custody, Ibadan.

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