Federal High Court sitting in New Adeoyo State Hospital in Ibadan, Oyo State, has ordered that three Central Bank of Nigeria, CBN officials, five personnel of First Bank and three employees of Wema Bank be remanded in Agodi Prison till June 8, 2015, pending the hearing and determination of their applications for bail.
They were arraigned before the judge by the Economic and Financial Crimes Commission, EFCC, for joining other persons to recycle N8.3billion mutilated naira notes into circulation.
In his ruling, Justice A.O. Faji, directed that counsel to all the accused must file their bail applications yesterday and serve the prosecution while the prosecution must file their replies tomorrow so that they can argue same on June 8.
The indicted officials of the apex bank, First Bank and Wema Bank were arraigned before Justice Faji for complicity in defrauding the country of the sum of N8.3billion between 2009 and 2014.
The names of the CBN officials who were docked yesterday were Kolawole Babalola, Olaniran Muniru Adeola and Toogun Kayode Philip. Those of the First Bank were Isaq Akano (a.k.a Isiaka), Ayodele Festus Adeyemi, Oyebanji Akeem, Ayodeji Alatishe, Ajiwe Sunday Adegoke and Idowu Oguntade now at large. The staffers of Wema Bank on trial are Oni Adekola Dolapo, Afolabi Esther Olunike, Ademola Ebenezer Adewale and Omotoso Abimbola now at large.
All the accused persons are facing 48-count charge of fraud, conspiracy, forgery, concealment, among others.
They all pleaded not guilty when their pleas were taken.
After their pleas were taken, counsel to the EFCC, Mr. Rotimi Jacob, SAN, urged the court to remand the accused in Agodi Prison.
Counsel to the accused persons included Chief Nathaniel Oke, SAN, Mr. Olalekan Ojo, Mr Olayinka Bolanle, Michael Lana, O. Uwawah and Mr. Olayemi Fasina.
According to the charge number FHC/Ib/31c/15, Babalola, Adeola, Philips, Akano Adeyemi, Oyebanji Akeem, Aleshe, Adegoke, and Idowu Oguntade now at large between 2009 and 2011 in Ibadan within the jurisdiction of this court, with intents to defraud, conspiracy to commit an offence to wit including the CBN deliver property to the First Bank of Nigeria to wit an aggregate sum of one billion, two hundred and fifty million as against the actual amount of 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 CBN contained a total sum of one billion, two hundred and fifty million and thereby committed an offence contrary to section 8(a) of the constitution of Nigeria 2004.

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