The Federal High Court in Ibadan on Tuesday reserved ruling till June 15 on bail application for 10 bank officials involved in the N8 billion CBN currency scam.

The Economic and Financial Crimes Commission (EFCC) had on June 2 arraigned six CBN staff, two employees of Sterling Bank and an official of Ecobank.

The bank officials are facing trial in three separate cases of abuse of office, fraudulently enriching themselves, having assets in excess of their income and presenting a false report.

According to the charge, the CBN officials on Aug. 5, 2014, failed to destroy mutilated currency to the tune of N10 million which was returned into circulation thereby causing economic adversity to the country.

At the resumed hearing of the case, Justice Ayo Emmanuel, who had listened to arguments of counsel for the prosecution and defence, reserved ruling till June 15 in the three separate cases.

The EFCC counsel, Mr Rotimi Jacobs (SAN), had opposed the applications for bail on the grounds that if granted the accused could evade trial and thereby delay proceedings.

He said that going by the mood of the nation, cases of corruption should be expedited and pursued to logical conclusion.

The prosecution also said that if granted bail the lives of witnesses to be called in the case could be at risk.

“The witnesses should be protected as the bank of one of the suspects had to transfer some witnesses to other branches to avoid threats from him,” Jacobs said.

However, Olalekan Ojo, representing two of the accused, argued that the alleged offences committed by his clients were bail able.

The CBN officials being prosecuted are Patience Okoro Eye, Olufemi Johnson, Ilori Adekunle, Kolawole Babalola, Olaniran Adeola, Fatai Yusuf and Togun Kayode Phillips.

The Sterling Bank officials are Salami Ibrahim and Oddiah Emmanuel while Tope Akintade is of Ecobank

The offences committed, the EFCC said, contravened Sections 1(2) (b) and 10 (1) of the Recovery of Public Property (Special Provision) Act Cap R4, Laws of the Federation of Nigeria, 2004.

It said that the offences also contravened Section 7(2) of the Bank Employees etc Declaration of Assets Act Cap B1, Laws of the Federation of Nigeria, 2004.

The accused persons all pleaded not guilty to the charges.


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