The Nation Newspaper

Tag: Mutilated currency scam

  • N8bn fraud: Accused persons poured acidic substance on currency notes – Witness

    A Deputy Director with Central Bank of Nigeria (CBN), Mr. Isyaku Mohammed, on Thursday told a Federal High Court sitting in Ibadan how 14 staff of the apex bank and some commercial banks’ staff poured acidic substance on currency notes kept in 20 boxes of N1000 denomination in an attempt to defraud the bank.

    Mohammed was in the dock as prosecution witness in the ongoing trial of bankers involved in the N8 billion mutilated currency scam.

    The suspects – Togun Kayode Philip, Muniru Olaniran Adeola and Kolawole Babalola – were standing trial for their roles in the scam.

    They were arraigned for stealing and conspiracy by the Economic and Financial Crimes Commission (EFCC).

    Testifying before Justice Ayo Emmanuel, the CBN official said the scam was noticed following a petition by the management of Zenith Bank Plc to the CBN governor, alleging irregularities in the operations of the staff.

    He said after the receipt of the petition, the CBN raised a committee which investigated and wrote a report on its findings.

    EFCC’s counsel, Adebiyi Adeniyi, urged the court to admit the audit report as exhibit, but that was objected by counsel to the 4th defendant, Togun Kayode Philip, Mr. Olalekan Ojo, on the ground that it has no relevance to the case.

    After argument by both parties, Justice Emmanuel ruled that the report be admitted because it is central to the case.

    Mohammed said apart from the discovery that the boxes were corroded with acidic substance, investigations revealed that internal control at the Ibadan branch of the apex bank has collapsed completely at the time the fraud was committed.

     

  • Mutilated currency scam: Bankers jailed three years

    A Federal High Court sitting in Ibadan on Wednesday sentenced a senior clerk with the Central Bank of Nigeria (CBN), Mr. Togun Kayode Philip and Mrs. Esther Olunike Afolabi of Wema Bank Plc to three years imprisonment having been found guilty on six- count charge of stealing and conspiracy preferred against them by the Economic and Financial Crimes Commission (EFCC).

    The convicts and other bank staff were arraigned over their involvement in the infamous N8 billion currency mutilation scam at the Ibadan branch of the CBN.

    The trial was abridged following the plea bargain agreement entered into by the convicts and the prosecution counsel.

    Justice Joyce Abdul Malik before her short judgment had adopted the plea bargain agreement involving the prosecution and defendant counsel.

    She said though the defendants had shown remorse, the court will convict and sentence them to three years imprisonment.

    They will also forfeit properties acquired with the proceed of the fraud to Federal Government.

    The judge said, “The defendant, Togun  Kayode Philip, originally charged with the offences of obtaining by false pretence, conspiracy, inducement, false entries and forging of documents having shown remorse for his actions hereby changes his plea to guilty through this agreement and shall forfeit the following properties to the federal government , a three bedroom apartment situated at Oganla Area of Omi-Adio, Ibadan.”

    The convict will also forfeit the entire funds in Access Bank Account no. 0041991002 in the name of Togun Kayode Philip.

    The judge also said the second convict, Olunike will also forfeit to the federal government certain assets traced to her such as a five bedroom duplex situated at No 8 , Fatoke Street, Molete, Ibadan , a filing station -Oba Oil and Gas Limited located at Liberty Academy Area of Ibadan ,and a wrecked borehole machine/rig located at Ibadan.

     

  • Mutilated currency scam: Counsel’s absence stalls suspects’ trial

    The Central Bank of Nigeria (CBN) mutilated currency scam before Justice Joyce Abdulmaleek of the Federal High Court, Ibadan, suffered another adjournment on Monday due to the absence of Mr. Olayinka Bolanle, a defence counsel.

    Bolanle is the counsel to Kolawole Babalola, the first accused person.

    Abdulmaleek, in her ruling, adjourned the case till March 27.

    She held that it was the last time she would be adjourning the case for no reason at the instance of Bolanle.

    The counsel to other accused persons – Muniru Olaniran, Kayode Togun, Olukunle Sijuwade and Kehinde Fatokunbo – had always been present in court.

    At the resumed hearing of the case, Mr. Adebisi Adeniyi, counsel to the Economic and Financial Crimes Commission (EFCC), had expressed his frustration at the slow pace of trial due to the persistent absence of Bolanle.

    Adeniyi contended that it was not the first time the defence counsel would not be in the court in respect of this case.

    The prosecution, however, prayed the court to continue the trial with or without Bolanle since he did not give any reason for his absence and in the interest of the other accused persons.

    The accused persons had been standing trial since 2015 over multiple charges of conspiracy, forgery, stealing and recirculation of mutilated currencies at Ibadan branch of CBN.

    NAN

  • Mutilated currency scam: Court dismisses accused’s bail application

    Justice Nathaniel Ayo-Emmanuel of the Federal High Court in Ibadan, on Friday, struck out the bail application filed by Adeola Olaniran, the second accused person in the mutilated currency scam trial.

    Ruling on the application, Ayo-Emmanuel held that the bail application did not meet any of the cogent conditions required by the court.

    “There must be a positive, cogent and convincing medical report issued by an expert in that field of medicine, among other things that must be considered, before granting the bail application.

    “Without a valid and credible medical report, I cannot rely on the position contained in the affidavit supplied by the defence counsel to exercise my discretion in favour of this application, and it is hereby struck out,” the News Agency of Nigeria (NAN) quoted the judge as saying on Friday.

    He adjourned the case to December 15 for continuation of trial.

    Mr. Olalekan Ojo, counsel to Olaniran, had earlier filed a bail application, urging the court to consider his client’s ill-health and grant him bail.

    However, Mr. Adebisi Adeniyi, the prosecution counsel, opposed the bail application, contending that other accused persons in similar condition were denied bail.

  • Mutilated currency scam: Banker jailed 10 years, to forfeit property

    Justice Joyce Abdulmalik of the Federal High Court, Ibadan, on Friday sentenced one Ademola Adedapo to 10 years in prison for his involvement in the N8 billion mutilated currency scam.

    The judge held that Adedapo was convicted based on a plea bargain agreement he signed with the Economic and Financial Crimes’ Commission (EFCC).

    The judge said the court found Adedapo guilty of five- count charge brought against him by the EFCC based on the agreement.

    “Adedapo is hereby sentenced to two years in prison for each of the offence of conspiracy and the sentence commences from February 7, 2015,” the News Agency of Nigeria (NAN) quoted the judge as saying on Friday.

    “The property mentioned in the plea bargain as stated therein which include; hectares of land, car, building and the over N44 million found in his account, will all be forfeited to the Federal Government of Nigeria.

    “His International passport shall be seized until he completes his jail terms and the jail terms are to run concurrently.”

  • Mutilated currency scam: Court dismisses bankers’ bail applications

    The Federal High Court sitting in Ibadan, Oyo State, on Monday dismissed the bail applications filed by some staff of Central Bank of Nigeria (CBN) and commercial banks, standing trial for their alleged involvement in the N8 billion mutilated currency fraud.

    The bail applications were filed in three batches by the suspects.

    The first batch which involved Kolawole Babalola , Olaniran Muniru Adeola, Togun Kayode Phillips, Isaq Akano, Ayodele Festus Adeyemi, Oyebamiji Akeem, Ayodeji Aleshe, and Ajiwe Sunday Adegoke came first, but the defendants’ counsel, Mr. Olalekan Ojo, failed to appear in court.

    The court was told that the counsel was sick, so ruling on the application was stalled.

    The second batch included the 2nd and 3rd defendants – Olaniran Muniru Adeola and Togun Kayode Phillips.

    The duo also appeared in the first batch.

    The presiding judge, Justice Abdul-Malik J.O, in her ruling on the bail application for the 2nd and 3rd defendants, said, “having considered the fact of the case and the findings and decision of the appellate court, the court stood heavily against the bail application for the 2nd and 3rd defendants and the application is hereby dismissed.”

    The judge also dismissed the applications filed by the 4th and 5th defendants – Oni Ademola and Ayodele Festus Adeyemi.

    She said, “Substantial evidence had been gathered against the defendants after the administrative bail granted them and there is every likelihood that having known the weight of the evidence gathered against them and the severity of the punishment, the defendants will jump bail if granted. I therefore rule that the bail application for the 4th and 5th defendants failed and ordered accelerated trial.

     

     

  • How bankers defrauded Wema Bank, CBN – Witness

    A staff of Wema Bank, Mrs. Abosede Oyelakin, on Thursday gave an account of how some staff of the bank allegedly defrauded both the bank and the Central Bank of Nigeria (CBN) of over N340 million in the mutilated currency scam.

    Oyelakin is the first prosecution witness in the ongoing case against some CBN staff and employees of some commercial banks.

    While giving account of the gathering and taking of mutilated currency to the Ibadan branch of the apex bank at a Federal High Court, Ibadan, on Thursday, Oyelakin said co-staff Ademola Oni and Esther Afolabi were involved in the process that saw the banks recorded a shortage of over N340 million in the mutilated currency deals between 2010 and 2013.

    Oyelakin, who is the Team Leader, Inspection Department, at the Southwest Regional Office of Wema Bank, Ibadan, gave details of how the accused persons allegedly replaced several packs of mutilated N1,000 notes with N10, N20, N50 and lower denominations to gain over N340 million.

    The transactions were carried out with 173 boxes which were supposed to contain N1.7 billion but which fell short of over N340 million.

    The boxes were safely delivered to the CBN until a petition stirred up the investigation that revealed the alleged multiple deals involving staff of CBN and the commercial banks.

    During investigation, Oyelakin said about 95 per cent of the currency wraps were not signed whereas minimum of three signatures were needed on each of them.

    She revealed that other bank records including the Volt Movement Register were used to trace those involved in the alleged scam.

    Three CBN staff – Kolawole Babalola, Olaniran Muniru Adeola and Togun Kayode Philip – and three Wema Bank staff are standing trial on a 20-count charge of conspiring to defraud banks in the mutilated currency scam.

    Ademola Oni, Esther Afolabi and Ademola Ebenezer Adewale are the Wema Bank staff involved in the case.