N8b Currency Fraud: Court Dismisses Bail Applications | Independent Newspapers Limited
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N8b Currency Fraud: Court Dismisses Bail Applications

Posted: Jun 17, 2015 at 5:30 am   /   by   /   comments (0)

By Oladele Ogunsola  – Ibadan


The bail applications filed by six Central Bank of Nigeria (CBN) officials and many others that were accused of defrauding the apex bank of N8billions were yesterday dismissed by Nathaniel Ayo Emmanuel of the Federal High Court, Ibadan.

Dismissing the applications, the trial Judge described their actions as ‘a new dimension in economic crimes in Nigeria’ and emphasised that the evidence against the accused persons were mind-boggling and made it difficult for court not to believe that they would not jump bails .

The accused persons facing trial in three batches were arraigned on the allegation of fraud, conspiracy, concealment and illegal acquisition of property among other charges by the Economic and Financial Crimes Commission (EFCC).

The first batch of the accused persons facing five-count charge are Patience Okoro Eye, Afolabi Olufemi Johnson, Ilori Adekunle Sunday, Kolawole Babalola , Olaniran Muniru Adeola and Fatai Adedokun Yusuf .

Facing 11-count charge, the second batch of the accused persons are Kolawole Babalola, Olaniran Muniru Adeola, Togun Kayode Philips , Salami Ibraheem and Oddia Emmanuel both of the Sterling Bank.

The third batch, comprising Kolawole Babalola ,Olaniran Muniru Adeola , Togun Kayode Philips and Tope Akintade ( Eco Bank) were charged on 15-count charge, involving false entry of cash deposited by the Eco bank of N490m at CBN against N79.7m of N1000 mutilated notes between 2010 to 2014 .

Emmanuel in the ruling declared that sections 35 and 36 of the constitution of Nigeria and section 162 of thejust newly enacted criminal laws give him the discretion to admit the accused persons to bail, but the accused in their proof of evidence must put credible evidence before the court.

He emphasised that the submissions of the counsel to the accused persons that the accused never jumped bail when EFCC gave them administrative bails could not hold water because the commission could not detain suspects more than a specific period of time.

“I am not persuaded with the submission of the counsel to all the accused persons that they deserved to be admitted to bail, laws must always be used for society engineering and if this should be so ,the court must feel the pulse of the society in discharging her discretions”, he added.

Dismissing all the bail applications, the trial judge granted all the accused persons accelerated hearing as he adjourned the hearing of the substantive suits to 6th and 7th of July 2015.