N8.3bn Scam: THREE EX- CBN STAFF, FIVE OTHERS REMANDED IN PRISON

Three employees of the Central Bank of Nigeria, CBN and five staff of First Bank Plc, were on Wednesday remanded in prison for defrauding the apex bank and First Bank of Nigeria Plc, the sum of N8,265,100,356.22( Eight Billion, Two Hundred and Sixty- Five Million, One Hundred Thousand, Three Hundred and Fifty- Six  Naira, Twenty-Two Kobo only). 

  Their remand followed their arraignment on Wednesday  by the Economic and Financial Crimes Commission, EFCC,  before a Federal High Court sitting in Ibaban, Oyo State on a 28-count charge bordering on conspiracy, fraud and stealing.

The suspects: Kolawole Babalola; Olamiran Muniru Adeola 
And Toogun Kayode Phillip-(all Ex-CBN staff) and Isaq Akano (A.K.A ISIAKA);  Ayodele  Festus Adeyemi;  Oyebamiji Akeem; Ayodeji Aleshe;  Ajiwe Sunday Adegoke ( all First Bank Staff) were  docked before Justice A. O. Faji.

The bankers were alleged to have defrauded the CBN and First Bank Plc respectively.
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 other bankers allegedly acted as accomplices to the crime and also helped themselves to a sizeable chunk of the money.

Count one of the charge reads:
“That you KOLAWOLE BABALOLA, OLANIRAN MUNIRU ADEOLA,  TOOGUN KAYODE PHILIP, ISAQ AKANO (A.K.A ISIAKA), AYODELE FESTUS ADEYEMI, OYEBANJI AKEEM, AYODEJI ALESHE, AJIWE SUNDAY ADEGOKE and IDOWU OGUNTADE (now at large) between 2009 and 2011 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 the First Bank of Nigeria Plc, to wit: an aggregate sum of N1, 250, 000, 000.00 (One Billion, Two Hundred and Fifty Million Naira)as against the actual sum of  N389, 296, 535.00 (Three Hundred and Eighty Nine Million, Two Hundred and Ninety Six Thousand, Five Hundred and Thirty Five Naira) on the false pretence that the 142 boxes containing supposed mutilated currencies which were taken to the Ibadan branch of the Central Bank of Nigeria contained a total sum of N1, 250, 000, 000.00 (One Billion, Two Hundred and Fifty 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”.

Another count read:
“That you KOLAWOLE BABALOLA, OLANIRAN MUNIRU ADEOLA,  and TOOGUN KAYODE PHILIP between 2009 and 2012 in Ibadan within the jurisdiction of this Honourable Court, induced the Central Bank of Nigeria to deliver property to the First Bank of Nigeria Plc, to wit: N1, 070, 000, 000.00 (One Billion and Seventy Million Naira) as against the actual sum of N296, 902, 680.00 (Two Hundred and Ninety Six Million, Nine Hundred and Two Thousand, Six Hundred and Eighty Naira) on the false pretence that the 107 boxes containing supposed mutilated N1,000 notes which you received on behalf of the Central Bank of Nigeria contained a total sum of N1, 070, 000, 000.00 (One Billion and Seventy 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”.


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


Justice Faji ordered the prosecuting counsel to respond to all the applications for bail by June 5, 2015 and by Monday 8 June, 2015, hearing will proceed on the bail applications. He adjourned the matter to June 8, 2015 and ordered that the defendants be remanded in Agodi prison custody, Ibadan.