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N8bn Scam: Six CBN Executives Remanded In Agodi Prison

Source: Benedicta Bassey/

Six employees of the Central Bank of Nigeria (CBN) implicated in the N8million mutilated currency recycling scam, have been remanded in Agodi Prison in Ibadan, Oyo State.

The suspects were arraigned on Tuesday by the Economic and Financial Crime Commission (EFCC) before Justice N. Ayo Emmanuel of the Federal High Court sitting in Ibadan, Oyo State on a five-count charge bordering on conspiracy, fraud and stealing.

Head of EFCC Media and Publicity, Wilson Uwujare said the CBN employees were alleged to have compromised the CBN standard guiding currency circulation in the state.

According to him, "The apex bank employees were alleged to have compromised the CBN's briquetting exercise meant to mop up mutilated and defaced higher denomination currencies from circulation, to combat inflation.”

One of the read, “That you Patience Okoro Eye; Afolabi Olufemi Johnson; Ilori Adekunle Sunday; Kolawole Babalola, Olaniran Muniru Adeola and Fatai Adedokun Yusuf on or about 5th August, 2014 in Ibadan within the jurisdiction of this Honourable Court, engaged in corrupt practices when you replaced the content of a box of N1,000 denomination in a total sum of N10, 000,000 (Ten Million Naira) marked as 'Counted Audited Dirty' meant for briquetting, with Newspapers and which sum you converted to your own use and you thereby committed an offence punishable under Section 1(2) (a) and Section 10 (1) of the Recovery of Public Property (Special Provision) Act, Cap. R4, Laws of the Federation Nigeria, 2014."

But the suspects pleaded not guilty to the charges.

However, Justice Emmanuel adjourned the matter to June 9, 2015 for hearing of the bail applications and July 6 and 7, 2015 for commencement of trial.

He also ordered that all the defendants be remanded in Agodi prison custody, Ibadan, Oyo State.