Justice Olayinka Faji of the Federal High Court, Ibadan, on Friday, June 19 refused the bail application of 10 persons standing trial for the CBN currency scam. Those denied bail are: Kolawole Babalola, Olaniran M. Adeola and Toogun Kayode Philips (all ex CBN Staff).
Others who are staff of First Bank include, Isiaq Akano, Ayodele
Festus, Oyebanji Akeem, Ayodeji Aleshe and Ajiwe Sunday. The rest are
Oni Ademola and Afolabi Esther Olunike, both staff of Wema Bank.
Justice Faji refused to admit the accused persons to bail despite the
argument canvassed by their counsel that they will be available to face
their trial. In refusing them bail, Justice Faji noted that the
evidence against the ten accused persons were weighty.
However, Justice Faji granted bail to five other persons in stringent
terms. Those granted bail are Ademola Ebenezer Adewale, Kehinde
Fadokun, Olakunle Sijuade, Ajuwon Bolade and Samuel Ogbeide.
The five were granted bail in the sum of N20million each, with two
sureties in like sum. The sureties must own landed properties with
Certificate of Occupancy in the state. The sureties are also to submit
their recent passport photographs and three years tax certificates.
Justice Faji adjourned the cases to June 26, July 1, 10 and September 24, and 25, 2015 for commencement of trial.
The accused persons were arraigned on four separate charges of
alleged stealing, conspiracy and fraud. They are alleged to have
defrauded the CBN and their various bank of over N8 billions of naira.
Specifically, they were alleged to have been involved in a financial
theft, recirculation of defaced and mutilated currencies, in which
mutilated higher denomination notes, originally meant for destruction,
were swapped with lower denomination currencies.