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Currency Scam: Court remands 5 other bank officials in prison


The Federal High Court, Ibadan, on Thursday ordered the remand in prison of five other bank officials in the on-going mutilated currency scam case.

The bank officials were arraigned by the Economic and Financial Crimes Commission on a 14-count charge bordering on forgery and possession of assets in excess of their legitimate, known and provable income and assets.

The bank officials remanded by Justice Adeyinka Faji were Kolawole Babalola, Olaniran Adeola and Toogun Philip of the Central Bank of Nigeria.

The two others are Ajuwon Bolade and Samuel Ogbeide of the Zenith Bank of Nigeria.

They were accused of committing fraud in the sum of N900, 568,300 (Nine hundred million, five hundred and sixty eight thousand, three hundred naira) between 2011 and 2012 in Ibadan.

The said amount was said to have been part of money forwarded by the Zenith Bank to the CBN as mutilated currencies to be destroyed.

Other charges against them by the EFCC counsel, Rotimi Jacob, include making false entries in cash book belonging to the CBN and omitting to make a full disclosure and true entries in the account books.

The accused, however, pleaded not guilty to all the charges.

In his ruling, Mr. Faji ordered their remand at the Agodi Prisons in Ibadan and adjourned the matter till June 12 for hearing of their bail applications.

The currency scam trials began in Ibadan on Tuesday, with a number of CBN and commercial bank officials already remanded in prisons.


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