Court denies CBN, banks’ workers bail over alleged N8b deal

A Federal High Court sitting in Ibadan, the Oyo State capital yesterday refused the bail applications of some officials of the Central Bank of Nigeria ((CBN) and workers of commercial banks currently standing trial for an alleged N8 billion mutilated currency fraud.

Ruling on the pleas of the applicants who have been in prison custody for one year, Justice J.O Abdul Malik said having known the weight of the proof of evidence against them and the severity of the punishment, the accused persons might jump bail if granted.

The applications were, however, filed in three batches.

She, subsequently, ordered an accelerated trial.

The suspects are facing a 28-count charge of conspiracy, abuse of office, stealing, false declaration of actual amount, concealing of property and fraudulently acquiring assets in excess of their legitimate and provable income.

The offence is punishable under Section 7(2) of the Bank Employees etc. (Declaration of Assets) Act, Cap B1, Laws of the Federal Republic, Nigeria 2004.

The application of the first batch of suspects namely Kolawole Babalola, Olaniran Muniru Adeola, Togun Kayode Phillips, Isaq Akano, Ayodele Festus Adeyemi, Oyebamiji Akeem, Ayodeji Aleshe and Ajiwe Sunday Adegoke could not be heard, as their counsel, Olalekan Ojo, was absent.

The second set involved Olaniran Muniru Adeola and Togun Kayode Phillips while the third batch includes Oni Ademola and Ayodele Festus Adeyemi.

Justice Abdul-Malik, in her over two-hour judgment, said there were substantial evidence gathered against the accused persons after the administrative bail granted them, adding that there was every likelihood that they may evade trial.

Consequently, the presiding judge fixed September 26 and 28, 2016 for trial.

The apex bank had petitioned the Economic and Financial Crimes Commission (EFCC) over alleged swapping of currency boxes containing mutilated naira notes meant for routine destruction at its Ibadan branch.

The CBN alleged in the correspondence that during a routine internal audit of the institution’s cash destruction activities in September 2014, its Briquetting Panel, comprising senior bank workers from different branches, noticed some anomalies at management.

Upon further investigation, it was discovered that a syndicate, which has been on for several years, was being run in which mutilated higher denomination notes meant for destruction were swapped by the accused persons.