CBN officials, others acquired estates in South Africa, Nigeria, court told

The Federal High Court sitting in Ibadan yesterday requested the remand of another arrangement of eight bank authorities for charged N8 billion cash trick.

The Economic and Financial Crimes Commission (EFCC) charged three Central Bank of Nigeria (CBN) authorities and five workers of First Bank Plc over the asserted trick.


The denounced, the court listened, procured resources in Nigeria and Pretoria, South Africa.

The CBN workers are Kolawole Babalola, Olaniran Adeola and Togun Kayode Phillips. Their affirmed accessories are Isiaq Akao, Ayodele Festus Adeyemi, Oyebamiji Hakeem, Ayodeji Alase and Ajiwe Adegoke


The commission summoned the bank authorities on a 28-check charge bordering on phony, distortion and self-improvement before Justice Adeyinka Faji.

The EFCC in the charge said that the CBN staff planned with the First Bank workers to reuse N10 billion ruined cash notes intended to be annihilated.

The charged, in any case, argued not liable to the charge.

The six blamed persons are confronting a 15-tally charge running from intrigue, misuse of office and taking to bogus presentation of genuine sum.

The others are  hiding of property, deceitfully obtaining resources in overabundance of their real and provable pay and creating financial misfortune to the Federal Republic of Nigeria.

The court was told how the suspects gained resources worth a few billions of naira through fake means, in abundance of their genuine wage.

The advantages said to have been obtained by the blamed bank laborers both inside Nigeria and Pretoria, South Africa, were purportedly gotten by taking N1.25billion gathered damaged monetary forms intended to be crushed and taken unavailable for general use.

The blamed persons, as per the indictment counsel, Mr Rotimi Jacobs, as opposed to completing the statutory direction to obliterate the ruined money notes as their obligation requests, substituted the coin with daily papers  flawlessly slice to naira sizes and continued to reuse the mangled and destroyed cash.

The offense, as contained in a charge sheet read out to the blamed persons is culpable under segment 7(2) of the Bank Employees etc.(Declaration of Assets) Act,CAP. B1, Laws of the Federal Republic, Nigeria 2004.

There was however a mellow dramatization amid the court sitting when one of the eight denounced persons, Ayodeji Aleshe, a clerk in one the business banks, asserted he is an unskilled who couldn't comprehend the English dialect.

Equity Faaj who depicted the suspect's case as false, said he had prior spoken with him in English and that he was extremely conversant in the utilization of the dialect.

For around 15 minutes, the denounced stayed unyielding, making the court to accept he is an ignorant.

There was disarray until the judge requested that a mediator ought to be tried to peruse the charge to in Yoruba dialect.

The Judge requested their remand at the Agodi Prison in Ibadan and suspended the matter till June 8 to hear the safeguard applications.

Boss Olayinka Bolanle, the resistance guidance to the initially blamed individual, Babalola, made an oral safeguard application in the interest of his customer.

The judge contradicted the oral application and said he favored a composed application for safeguard.

He said in perspective of the gravity of the offense, oral safeguard application would not be acknowledged.

He decided that in perspective of the volume of proof before him, it would be outlandish for him to engross oral safeguard applications from six distinctive

The judge ordered the defence counsel to file their bail applications before the close of court business for the day and serve the prosecutor who in turn should respond by June 5.

The anti-graft agency had on Tuesday also arraigned six CBN officials and three employees of two commercial banks on similar charges before Justice Ayo Emmanuel of the Federal High Court, Ibadan.

The two commercial banks are Sterling Bank and Eco Bank.