N4.6bn Scam: Three CBN Staff, Others Remanded In Prison

Three employees of the Central Bank of Nigeria, CBN and three staff of Wema Bank, were on Wednesday, remanded in Agodi Prison, Ibadan for defrauding the apex bank and Wema Bank Plc to the tune of N4,552,560,380.00( Four Billion, Five Hundred and Fifty-Two Million, Five Hundred and Sixty Thousand, Three Hundred Eighty Hundred Naira only). 

 

Their remand followed their arraignment by the Economic and Financial Crimes Commission, EFCC, before a Federal High Court, sitting in Ibaban, Oyo State on a 20-count charge bordering on conspiracy, fraud and stealing.

The suspects: Kolawole Babalola, Olaniran Muniru Adeola, Toogun Kayode Philip ( all Ex-CBN Staff);  Oni Ademola Dolapo, Afolabi Esther Olunike,Ademola Ebenezer Adewale (staff of Wema Bank), were docked before Justice A. O Faji.

Specifically, the apex bank employees were alleged to have compromised the CBN's Briquetting exercise by stealing huge sums of mutilated higher denomination Naira currencies meant to be exchanged for new notes. The apex bank's former employees found willing accessories in the Wema Bank staff, who allegedly aided and abetted them in their crime.

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

Count one of the charges read:
“That you KOLAWOLE BABALOLA, OLANIRAN MUNIRU ADEOLA, TOOGUN KAYODE PHILIP, ONI ADEMOLA DOLAPO, AFOLABI ESTHER OLUNIKE,ADEMOLA EBENEZER ADEWALE and OMOTOSHO ABIMBOLA (now at large) between 2010 and 2012 in Ibadan, within the jurisdiction of this Honourable Court, with intent to defraud, conspired amongst yourselves to commit an offence to wit: inducing the Central Bank of Nigeria to deliver property to Wema Bank Plc, to wit: an aggregate sum of N1, 391, 280, 190.00 (One Billion, Three Hundred and Ninety One Million, Two Hundred and Eighty Thousand, One Hundred and Ninety Naira) as against the actual sum of N338, 719, 810.00 (Three Hundred and Thirty Eight Million, Seven Hundred and Nineteen Thousand, Eight Hundred and Ten Naira) on the false pretence that the 175 boxes containing supposed mutilated currencies which were taken to the Ibadan Branch of the Central Bank of Nigeria had a total value of N1, 391, 280, 190.00 (One Billion, Three Hundred and Ninety One Million, Two Hundred and Eighty Thousand, One Hundred and Ninety Naira)and you thereby committed an offence contrary to Section 8 (a) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006 and punishable under Section 1 (3) of the same Act”.

Another count read:
That you KOLAWOLE BABALOLA, OLANIRAN MUNIRU ADEOLA and TOOGUN KAYODE PHILIP between 2010and2012 in Ibadan within the jurisdiction of this Honourable Court, induced the Central Bank of Nigeria to deliver property to Wema Bank Plc to wit: N1, 730, 000, 000, 000.00 (One Billion and Seven Hundred and Thirty Million Naira)as against the actual sum of N333, 521, 810.00 (Three Hundred and Thirty Three Million, Five Hundred and Twenty One Thousand, Eight Hundred and Ten Naira) on the false pretence that the 173 boxes containing supposed mutilated N1, 000 notes which you received on behalf of the Central Bank of Nigeria contained a total sum of N1, 730, 000, 000, 000.00 (One Billion and Seven Hundred and Thirty Million Naira) and you thereby committed an offence punishable under Section 1 (1) (b) of the Advance Fee Fraud and Other Fraud Related Offences Act No. 14 of 2006”.

In view of their pleas, prosecuting counsel, Rotimi Jacobs (SAN), prayed the court for a trial date and that the accused be remanded in prison custody.

Justice Faji adjourned the matter to June 8, 2015 for hearing of the bail applications. He ordered that the defendants be remanded in Agodi prison custody, Ibadan.

In a related development,  three former employees of the Central Bank of Nigeria, CBN and one staff of First City Monument Bank, FCMB Plc, were also remanded in prison custody for defrauding the apex bank and FCMB a total sum of N296, 668, 100( Two Hundred and Ninety-Six Million, Six Hundred And Sixty- Eight Thousand, One Hundred Naira). They were remanded in prison on the orders of Justice  Faji  before whom they were  arraigned by the EFCC, on a 15-count charge bordering on conspiracy, fraud and stealing.

The suspects:
KOLAWOLE BABALOLA, OLANIRAN MUNIRU ADEOLA, TOOGUN KAYODE PHILIP( all former staff of the CBN) and KEHINDE FADOKUN, OLAKUNLE SIJUADE ( both staff of FCMB ) were alleged to have  defrauded the CBN and FCMB Bank Plc respectively. 

Count one of the charges read:
“That you KOLAWOLE BABALOLA, OLANIRAN MUNIRU ADEOLA, TOOGUN PHILIP, KEHINDE FATOKUN and OLUKUNLE SIJUADE between 2010 and 2012 in Ibadan, within the jurisdiction of this Honourable Court, with intent to defraud, conspired amongst yourselves to commit an offence, to wit: inducing the Central Bank of Nigeria to deliver property to First City Monument Bank Plc, to wit: an aggregate sum of N115, 000, 000.00 (One Hundred and Fifteen Million Naira)as against the actual sum of N58, 331, 900 (Fifty Eight Million, Three Hundred and Thirty One Thousand, Nine Hundred Naira) on the false pretence that the 13 boxes containing supposed mutilated currencies which were taken to the Ibadan branch of the Central Bank of Nigeria contained a total sum of N115, 000, 000.00 (One Hundred and Fifteen Million Naira)and you thereby committed an offence contrary to Section 8 (a) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006 and punishable under Section 1 (3) of the same Act”.

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

In view of their pleas, prosecuting counsel, Rotimi Jacobs (SAN), prayed the court for a trial date and that the accused persons  be remanded  in prison custody.

However, counsel to the 4th & 5 accused persons, Musibau Adetunbi make an oral application praying the court to remand  the 4th accused person  at the State Criminal Investigation Department Iyaganku, Ibadan to allow her have access  to her nine-month old baby.

Justice Faji adjourned the matter to June 12, 2015 for hearing of bail applications. He ordered that 4th accused be remanded at SCID, Iyagnaku Ibadan.

 All other accused persons were remanded in Agodi prison custody, Ibadan.