Suspects in N8bn currency scam to remain in EFCC custody

The 10 CBN and other banks’ workers charged in the N8bn mutilated currency fraud are to be remanded in custody, as Justice Ayo Emmanuel of the Federal High Court, Ibadan, on Monday refused them bail.


The accused persons are Kolawole Babalola, Olaniran Adeola, Toogun Philips, Salami Ibrahim, Odiah Emmanuel, Patient Okoro, Afolabi Johnson, Ilori Sunday, Fatai Yusuf and Tade Akintade.

Counsel for the accused persons, however, said the ruling would be appealed.

The 10 bank officials and 12 others are being prosecuted by the EFCC in seven separate suits at the Federal High Court, Ibadan Division.

In his ruling on the bail application by the 10 accused, Justice Nathaniel Ayo-Emmanuel said that he exercised his discretion not to grant bail based on the weight of the proof of evidence before him.

The judge said that he was not persuaded or convinced that if granted bail, the accused persons would not interfere with the course of justice.

The judge also ordered that one of the accused, Salami Ibrahim, be quarantined in prison custody due to an undisclosed health issue.

Before adjourning the case to July 6 and July 7, Ayo-Emmanuel said that the three suits would be given accelerated hearing and cautioned counsel to parties against unnecessary applications for adjournment.

The 10 bank officials were accused of causing adversity to the economy by putting back in circulation mutilated currencies to the tune of N8 billion meant to be destroyed.

Also arraigned were two Sterling Bank employees–Salami Ibrahim and Oddia Emmanuel– as well as Tope Akintade of Ecobank Plc.