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Tag: N8b fraud

  • N8b fraud: Court fixes June 30 for ruling on bail application

    N8b fraud: Court fixes June 30 for ruling on bail application

    A Federal High Court sitting in Ibadan yesterday adjournedto June 30, for ruling on two separate applications seeking bail forworkers of Central Bank of Nigeria (CBN) and commercial banks facing trial over the alleged N8billion currency fraud.

    At the resumed hearing,  seven of the accused persons were present in the court.

    Theyinclude Kolawole Babalola, Olaniran Muniru Adeola, Togun Kayode Philips, Isaq Akano a.k.a Isiaka, Ayodele Festus Adeyemi, Oyebamiji Akeem , Ayodele Aleshe and Ajiwe Sunda Adegoke.

    The CBN had on November 3, 2014, lodged a petition to the Economic and Financial Crimes Commission (EFCC)inviting it to take over the investigation and prosecution of the cases involving the swapping of currency boxes containing mutilated naira notes meant for routine destruction at its Ibadan branch.

    The workers are facing 28-count, ranging from conspiracy, abuse of office, stealing, false declaration of actual amount, concealing of property and fraudulently acquiring assets in excess of their legitimate and provable income.

    The offence is punishable under section 7(2) of the Bank Employees etc(Declaration of Assets ) Act,CAP. B1, Laws of the Federal Republic, Nigeria 2004.

    Justice Abdul-Malik J.O. of Court 2, after listening to the counsel on bail applications, fixed June 30 and July 4, for ruling on the first set of case heard yesterday.

    The judge said hearing of the substantive case was adjourned to July 4.

    Mr. Ikenna Chukwuebuka Okolo from Olalekan Ojo Chambers,the counsel to the second and third accused persons – Olaniran Muniru Adeola and Togun Kayode Philip – in his motion and written addresses, drew the attention of the court to the poor health of the accused persons.

    He sought an order of the court directing the Controller of the Federal Prisons to allow the accused persons get medical attention elsewhere other than the prisons medical facilities.

    Okolo told the court that the health of the accused persons was very important to enable them defend themselves on the charges brought against them and urged the court to grant the application.

    The defence counsel, in an application dated May 11 and filed same day and supported by a 12-paragraph affidavit, urged the court to grant the third accused person bail pending the trial .

    Headded that because of the new circumstances arisen since the start of the case , the court should consider grant the application based on the discretion of the court.

    Opposing the application,  the prosecution counsel to the Economic and Financial Crimes Commission (EFCC), Mr. Debiyi Adeniyi from Rotimi Jacobs Chambers, in a counter-motion, held that the cases against the accused were too weighty and that the offences have direct impact on the economy.

    He said the motion was brought in pursuant to section 118 (2) of the Criminal Procedure Act Section 18 of the Advanced Fee and other related Offences Act 2006, Section 162 of the Administration of Criminal Justice Jurisdiction of the court .

    He said the court could not rely on oral evidence , without actual medical certificate or doctor’s advice.

    The counsel added that none of such evidence was before the court to warrant the court to admit the accused to bail.

    After listening to both parties, Justice Abdul-Malik fixed June 30, for ruling whether to grant bail to the accused persons or not.

    She adjourned the substantive case to July 4, for hearing.

    The judge later rose for a 30-minute break.

    At the resumption for the second case , the Mr. Olusole Dare,counsel to 4th and 5th accused persons –  Isaq Akano a.k.a.Isiaka and Ayodele Festus Adeyemi – in his application for bail also told the court that he was reliably informed by the family member that the 4th accused person was critical ill at the intensive care of the University College Hospital ( UCH) , Ibadan.

    He urged the court to grant the accused bail due to his failing health to enable him seek medical treatment elsewhere.

    The 4th accused person was absent at yesterday’s proceeding .

    The prosecution counsel countered the bail application, saying that the accused had since been attending to his health and that the defence counsel should not exaggerate the situation .

    Intercepting, the judge said since the accused was not in court , it meant that the matter has been installed and that there was nothing one can do.

    With respect to the 5th accused person, the defence counsel was said to have suddenly fallen ill at the court premises, so the matter was equally stalled.

    The judge later adjourned ruling on the bail application in the second case to 4 July 4. September 26 and 28 were fixed for the hearing of substantive case by 11 am.

     

     

  • N8b fraud: Court grants five bankers bail

    … Refuses 10 others’ bail application

    A Federal High Court sitting in Ibadan on Friday granted bail to five out of the 22 accused Central Bank of Nigeria (CBN) and commercial banks’ staff facing trial over their alleged involvement in N8billion currency fraud.

    The Presiding Judge, Justice Olayinka Faji of the Federal High Court two, Ibadan, in a two- hour ruling on bail applications filed by the counsel‎ to the accused and counter applications by the counsel to the prosecutor, the Economic and Financial Crimes Commission (EFCC), held that the cases against the accused were too weighty especially if the account balance and property allegedly acquired from the fraud are anything to go by.

    They were all facing a 28-count charge ranging from conspiracy, abuse of office, stealing to false declaration of actual amount, concealing of property and fraudulently acquiring assets in excess of their legitimate and provable income.

    The offence, as contained in a charge sheet read out to the accused persons is punishable under section 7(2) of the Bank Employees etc. (Declaration of Assets) Act, CAP. B1, Laws of the Federal Republic, Nigeria 2004.

    Justice Faji agreed with the EFCC counsel, Rotimi Jacobs (SAN) that the suspects are in possession of sums of money in excess of their legitimate earnings.

    He pointed out that some of them have bank account balance running into several millions of naira which was a far cry from what they earn as staffers or contract staff they claimed to be.

    He said notwithstanding that all the 15 accused persons had pleaded not guilty to all the charges against them, they all have cases to answer.

    By their individual and collective activities while the frauds were going on, the judge held that they had severally increased the value of money in circulation thereby committing economic crimes with its attendant rise in inflation.

    He decided all the cases on merit of their applications, affidavits and counter affidavits pleaded before him.

    The four cases expeditiously decided on Friday were FHC/IB/31c/2015 involving eight bankers, FHC/IB/32c/2015 involving six bankers, FHC/IB/33c/2015 comprising five bankers and FHC/IB/34c/2015 which also comprised five bankers.

    The names of CBN staff are – Kolawole Babalola, Toogun Kayode Philips and Olaniran Muniru Adeola.

    They all featured in all the four cases.

    However, Justice Faji who ordered all the eight bankers in the first case remanded in Agodi prison having refused their bail application in view of the weighty nature and evidence before the court, granted the bail application of the 6th defendant in second case, Ademola Ebenezer Adewale.

     

  • N8b fraud: Court wants suspect quarantined

    … Dismisses bail application

    Justice Ayo Emmanuel of the Federal High Court, Ibadan, on Monday ordered the Nigeria Prisons officials to quarantine one of the accused persons in the alleged N8billion mutilated currency fraud.

    The judge also ordered that the accused persons should remain in prison throughout the period of the trial until judgment is given in the case.

    The accused – Salami Ibrahim had through an application sought for freedom on health ground.

    Ibrahim, a staff of Sterling Bank, according Justice Emmanuel did not disclose the nature of his illness in the affidavit before the court.

    While ruling on bail applications for the three batches of accused persons, Justice Emmanuel, who refused bail for all the accused persons, also ordered that a health certificate should be produced after medical examination by prison officials and a federal hospital on Ibrahim.

    The judge said Ibrahim must be quarantined and separated from other accused persons in prison.

    He said, “I have considered the evidences before the court, the offences are mind-boggling and weighty. I have not been persuaded by the submission before me to think otherwise. Evidences before me point to a new wave of economic crime. I must state that the court does not have the power to detain an accused person beyond constitutional limit. The discretion to grant bail resides with the court but such discretion must also be judiciously applied.

    “The alleged crimes have adverse effect on the economy of the nation and the offence carries a maximum sentence of 21 years in prison. It is a capital offence against the economy of this country. It is a common knowledge that the first, second and third accused persons (Babalola, Adeola and Phillips) are answering other criminal charges in suits before me.

    “In view of evidences before me, I have not been persuaded or convinced by the sworn affidavits tendered by the accused persons that if granted bail, they will not interfere with court processes.  In concluding, the accused persons have not persuaded me to exercise my discretion to admit them to bail. The bail application is hereby dismissed and I grant the order of accelerated hearing. This court will not tolerate frivolous applications.”

     

  • ‘N8b fraud’: Six more bankers arraigned

    ‘N8b fraud’: Six more bankers arraigned

    The last batch of six Central Bank of Nigeria (CBN) staff and 16 other bankers were yesterday arraigned before Justice Adeyinka Faaj of a Federal High Court sitting in Ibadan, the Oyo State capital. The stage is now set for the trial of the accused persons in the alleged N8billion currency fraud.

    Docked yesterday at the resumed arraignment of the bankers were three CBN officials – Kolawole Babalola, Olaniran Muniru Adeola and Toogun Kayode Phillip.

    The others are Ajuwon Bolade and Samuel Ogbeide.

    The Economic and Financial Crimes Commission (EFCC) yesterday concluded the arraignment of the 22 bank officials at the Federal High Court, sitting in Ibadan.

    They were said to have conspired with other two suspects, Onabanjo Olumayowa and Tijani Olusoga, who are at large, between 2011 and 2012 in Ibadan, and delivered on false pretence N1,060,000,000 to the CBN, with an intent to defraud, conspired, and commit an offence contrary to Section 8(a) of the Advance Fee Fraud and Other Related Offences Act,2006 and punishable under Section 1(3) of the same Act.

    A 14-count charge was preferred against the accused, who pleaded not guilty to all the charges.

    Responding to the charge read out to him by the court Registrar, one of the accused persons, Ajuwon Bolade, said: “I am not guilty my lord because I am still living in a rented apartment.”

    Justice Faaj, who was amused by Bolade’s response, quickly corrected his impression that  what the charge meant was that “he was in possession of the currency in question”.

    After taking the plea from the accused, Justice Faaj fixed June 12: for the hearing of the motion on bail applications. He ordered that the five accused be remanded in Agodi Prisons.

    The first two batches of the accused had been arraigned before the court on Tuesday and Wednesday.

     Hearing of motions on their bail applications will be heard by Justice Ayo Emmanuel and Justice Faaj next week.

    Justice Emmanuel will on June 9 hear the bail applications of the first batch of the accused arraigned on Monday. Justice Faaj will on June 8 and 12 hear the motion for bail application of the second and third batches of the accused arraigned on Wednesday and Thursday.

    The court remanded in prison 21 of the 22 accused who have been arraigned. It directed that the nursing mother among the accused be kept in the custody of the State Criminal Investigation Department (SCID), Ibadan, where she would have access to  her baby.

    Speaking with reporters after the court session, the lead counsel to EFCC, Mr. Rotimi Jacobs (SAN), said the proceedings have been going on well and the judges giving the cases priority attention, which the law enjoined them to do.

    He, however, cautioned the defence counsel for the accused against delaying antics after the court’s ruling on the bail applications next week.

    On some suspects that are presently at large, Jacobs said: “The EFCC is making great efforts to get the accused that are on the run.

    Before the next adjourned date, something would be done about them.”

    One of the defence counsel, Mr. Olalekan Ojo, said he supported the court’s decision not to accept oral bail application, saying it was desirable “where the documents like in the present case are voluminous”.

  • N8b fraud: EFCC concludes 22 bankers’ arraignment

    The last batch of six Central Bank of Nigeria staff and 16 workers of various commercial banks were on Thursday arraigned before Justice Adeyinka Faaj of a Federal High sitting in Ibadan, Oyo state capital, setting the stage for commencement of trial of the accused persons in a N8billion fraud.

    Docked at the resumed arraignment of the banks’ staff are three CBN staff including Kolawole Babalola, Olaniran Muniru Adeola and Toogun Kayode Phillip.

    Also arraigned are – Ajuwon Bolade and Samuel Ogbeide, both staff of Zenith Bank Plc.

    They were said to have conspired with other two suspects – Onabanjo Olumayowa and Tijani Olusoga, who were now at large, between 2011 and 2012 in Ibadan, and delivered on false pretence a sum of N1, 060,000,000 to the CBN, with an intent to defraud, conspired, and commit an offence contrary to Section 8(a) of the Advance Fee Fraud and Other Related Offences Act,2006 and punishable under Section 1(3) of the same Act.

    A total of 14 charges were preferred against the accused and they pleaded not guilty to all the charges.

    Responding to the charge read out to him by the court Registrar, one of the accused persons, Ajuwon Bolade said,” I am not guilty my lord because I am still leaving in a rented apartment .”

    However, Justice Faaj, who was amused by the accused response quickly corrected his impression that what the charge meant was that “he was in possession of the currency in question.”

    After taken the plea from the accused persons, Justice Faaj, fixed June 12 for hearing of bail applications and ordered that the five accused persons be remanded in Agodi prisons.