The lead prosecution
in the ongoing N8 billion
currency scam yesterday
told the court how some
of the accused persons
allegedly destroyed boxes
loaded with N3.96 billion
with acid and water,
making them inaccessible
to investigators and
Chief Rotimi Jacobs
(SAN) yesterday objected
to the applications for bail
filed on behalf of the first
accused person, Kolawole
Babalola, at a Federal
High Court, Ibadan.
He also disclosed that
107 boxes from First Bank
Ltd were opened before
the accused persons
during which N773
million was discovered to
have been stolen.
Jacobs said another
suspect, who had been
on the run, had just been
yielded to the Economic
and Financial Crimes
Commission (EFCC) by
his family. But he refused
to give the suspect’s
name, saying he was still
being investigated.
The lawyer also revealed
that the cash involved
in the scam is about N12
billion as against the N8
billion earlier stated. He
said more revelations
would be made when the
trial begins.
Eight Central Bank of
Nigeria (CBN) and First
Bank Ltd officials are
standing trial in the first
of seven cases arising
from the multi-billion
naira mutilated currency
The eight accused
persons are among the 22
bankers being arraigned
by the EFCC. They include
six CBN and commercial
banks officials.
They were arraigned
on a 28-count charge
bordering on forgery,
misrepresentation and
self-enrichment as part of
the N8 billion mutilated
currency fraud at the
The accused, however,
pleaded not guilty to
the charge. A request for
bail for the eight persons
was brought to the court
After both defence
and prosecution
counsel adopted their
written addresses,
replies on point of law,
counter and further
affidavits as well as oral
adumbrations, Justice
Faj reserved ruling on
the applications for bail
till June 19

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