The Federal High Court in Ibadan on Wednesday ordered the remand of eight bank officials over alleged currency scam. The Economic and Financial Crimes Commission had arraigned three CBN staff and five employees of First Bank Plc over the alleged scam.

The CBN employees are Kolawole Babalola, Olaniran Adeola and Togun Phillips while their alleged accomplices included Isiaq Akao, Ayodele Adeyemi, Oyebamiji Hakeem, Ayodeji Alase and Ajiwe Adegoke.

The commission arraigned the bank officials on a 28-count charge bordering on forgery, misrepresentation and self-enrichment before Justice A.O. Faji. The EFCC, in the charge, said the CBN staff conspired with the First Bank employees to recycle N10 million mutilated currency notes meant to be destroyed. Other charges preferred against the accused included amassing wealth beyond their statutory income and causing economic adversity to the Federal Republic of Nigeria.

The accused, however, pleaded not guilty. Justice Faji ordered that the accused be remanded at the Agodi Prison in Ibadan while adjourning the matter till June 8 to hear the bail applications.

Earlier, Olayinka Bolanle, the defence counsel to the first accused person, Mr. Babalola, had made an oral bail application on behalf of his client. The judge, however, opposed the oral application and said he preferred written application for bail.

Credit: premiumtimesng