NIGERIA: SIX CBN EXECUTIVES REMANDED IN PRISON OVER =N=8 BILLION CURRENCY FRAUD

Six staff of the Central Bank of Nigeria (CBN) were on Tuesday remanded in prison following implication in 8 billion naira defaced and mutilated currency recycling scam. They were arraigned by the Economic and Financial Crimes Commission (EFCC) before Justice N. Ayo Emmanuel of a Federal High Court sitting in Ibadan, Oyo State.

The suspects, Patience Okoro Eye, Afolabi Olufemi Johnson, Ilori Adekunle Sunday, Kolawole Babalola, Olaniran Muniru Adeola and Fatai Adedokun Yusuf were arraigned on a five-count charge bordering on conspiracy, fraud and stealing.

The CBN executives were specifically charged with compromising CBN's briquetting exercise meant to mop up mutilated and defaeced higher denomination currencies from circulation to combat inflation.
Instead of destroying the currencies, they were reported to have recycled the notes and substituted them with newspapers neatly cut in Naira sizes.
The suspects pleaded not guilty when the charges were read to them.
In view of their pleas, the prosecuting counsel, Rotimi Jacobs, SAN, prayed the court for a trial date and for the defendants to be remanded in prison custody. He opposed their bail applications and asked the counsel to the defendants to present their bail applications formally to the court.
Justice Emmanuel adjourned the case to June 9th for hearing of bail applications and July 6 and 7 2015 for commencement of trial.
Justice Emmanuel ordered all the defendants be remanded in Agodi Prison , Ibadan.