CBN scam: Court rules on bail applications of seven bank officials June 19

A Federal High Court in Ibadan, Oyo State on Friday fixed June 19 to rule on bail applications made by seven bank officials allegedly involved in the N8 billion Central Bank of Nigeria (CBN) mutilated currency scam.
The Economic and Financial Crimes Commission (EFCC) had on June 2 and June 3 arraigned some CBN staff and employees of five commercial banks for allegedly putting back mutilated currency into circulation.
The commission said that the offences were committed between January and December, 2014.
Justice Olayinka Faji, after listening to arguments by counsel for and against the suspects’ bail applications, adjourned ruling to June 19.
The two bail application cases on Friday were the last of the seven cases before the Federal High Court, Ibadan.
The three CBN officials involved are Kolawole Babalola, Olaniran Adeola and Togun Kayode, while Ajuwon Bolade and Samuel Ogbeide are employees of Zenith Bank Plc.
Also being prosecuted are Mrs Kehinde Fatokun and Olukunde Sijuade of First City Monument Bank Plc.
At the resumed hearing of the case, the lead prosecuting counsel, Mr Rotimi Jacobs (SAN), argued against granting the accused bail on the ground that they might jump bail and delay trial.
He further argued that the mood of the nation against corruption should be considered in denying them bail.
Jacobs, in his argument, said that if granted bail, the defendants could interfere with prosecution witnesses.
However, Mr Olalekan Ojo, representing Adeola, Kayode and Ogbeide, urged the court to discountenance the submission of prosecution.
Ojo said that since the charges against his clients were bailable, the court had power to exercise its discretion to grant bail.
The defence counsel said that his clients had not been found guilty and there was no reason why they should be denied bail.
Also, Mr Dare Adebayo, counsel to Bolade, in his argument, said that his client was incapable of threatening or interfering with the prosecution witnesses.
Another defence counsel, Mr Musibau Adetunmbi, said that the EFCC had no substantial evidence against his client, Fatokun, and urged the court to grant her bail on liberal term because she was a nursing mother.
The EFCC said that the offence committed contravened Sections 1(1) (b) and 8(a) of the Advance Fee Fraud and other Fraud Related Offences Act, 2006.
However, the accused all pleaded not guilty to the 14-count charge.