N8b ‘mutilated cash’ fraud: Bankers arraigned, remanded in prison

For their alleged involvement in conspiracy, diversion and stealing of N8 billion mutilated cash meant to be destroyed, nine bankers had a date with the law on Tuesday in Ibadan, the Oyo State capital.
The accused, who appeared before Justice Ayo Emmanuel of a Federal High Court, are Patience Okoro Eye, Afolabi Olufemi Johnson, Ilori Adekunke Sunday, Kolawole Babalola, Olaniran Muniru Adeola, Fatai Adedokun Yusuff, Salami Ibrahim‎, Odiah Emmanuel and Toogun Kayode Phillips.
At large are Roy Akinsiku, Sobowale O. and John Paul.
They were arraigned by the Economic and Financial Crimes Commission (EFCC) and they all pleaded not guilty to the 31-count charge.
The accused work with the Central Bank of Nigeria (CBN), Zenith Bank, First City Monument Bank (FCMB), Wema Bank, Access Bank, First Bank, Skye Bank, Ecobank and Sterling Bank. Some of them had already been suspended or dismissed by their employers.
They were charged with conversion of N8 billion mutilated currency of N1,000 denomination meant to be destroyed by the CBN and substituting it with newspapers cut to its size, thereby subverting the apex bank’s effort at reducing dirty money in circulation.
Another set also arraigned included Kolawole Babalola, Olaniran Muniru Adeola, Kayode Philips and Tope Akintade, who are also facing a 15-count charge.
The defendants’ counsel argued endlessly for their bail application, an action opposed by the EFCC lawyer, Rotimi Jacobs (SAN), prompting Justice Emmanuel to order them to be remanded in prison custody till June 9 when proper and formal bail applications would be argued.
With Jacobs were Adebayo Ojo (former Oyo State Commissioner for Justice and Attorney General), A. Adebisi, Sunday Aborisade, Rotimi Oye, O.M. Atoyebi and Sola Olanibiire.
Defending the accused were Otunba Olayinka ‎Bolanle, K.A. Lawal, Bola Alabi, A.O. Ajayi, and B.B.M. Ashie.
The charges read: “On or about 5th August, 2014 in Ibadan within the jurisdiction of this honourable court have by virtue of abuse of your office being employees of Central Bank of Nigeria contributed to the economic adversity of the Federal Republic of Nigeria when you destroyed a box marked “Counted Audited Dirty” filled with newspapers in place of a box containing N10m of N1,000 denomination, and which activity led to the increase of money in circulation which the briquetting exercise of CBN was intended to control.
“You thereby committed an offence punishable under section 1 (2) and section 10 (1) of the Recovery of Public Property (Special Provisions) Act, Cap R4, Laws of the Federation of Nigeria, 2004”.
The offence of stuffing boxes with newspapers and removing the cash inside was committed at the Ibadan office of CBN.
According to EFCC, the offences were punishable under “section 7 (2) of the Bank Employees (Declaration of Assets) Act, Cap B1, Laws of the Federation, 2004, and section 438 (c) of the Criminal Code, Cap C38, Laws of the Federation of Nigeria, 2004”.
The CBN had on November 3, 2014 written a petition to the EFCC to take over the investigation and prosecution of the cases which involved the swapping of currency boxes containing mutilated naira notes meant for routine destruction at its Ibadan branch.
A statement from the apex bank reads: “During a routine internal audit of the Bank’s Cash Destruction activities in September 2014, the CBN Briquetting Panel comprising Senior Bank Staff from different branches noticed some anomalies at the Ibadan Branch, and immediately reported this to the Bank’s Management. On further investigation ordered by the Governor, it was discovered that a systematic scheme, which has been on for several years, was being run in which mutilated higher denomination notes originally meant for destruction were swapped with lower denomination currencies”.
Justice Emmanuel ordered that the accused persons be remanded in prison.
His words: “Having considered the various applications by the counsel in this case, and having considered the proof and charges, I see that they are weighty and I will not allow such applications to be made orally. All counsel should properly file the applications for all the issues therein to be addressed.
“The matter is hereby adjourned till June 9 for the bail application and July 6 and 7 for trial. The accused persons are hereby remanded in the prison”.