N8bn Bank Fraud: Court Rejects Bail Applications Of 10 Accused, Grants Five Others | Independent Newspapers Limited
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N8bn Bank Fraud: Court Rejects Bail Applications Of 10 Accused, Grants Five Others

Posted: Jun 19, 2015 at 6:04 pm   /   by   /   comments (0)

By Oladele Ogunsola, Ibadan

At the resumed hearing of the court case involving some bank officials accused of defrauding the Central Bank of Nigeria (CBN) on Friday in Ibadan, 10 of the accused persons were refused bail while bail applications of five others ?were granted by Adeyinka Faji of the Federal High Court.

The accused persons were standing trial in the suit with the charge number FHC/Ib/31C/15 in which over N8 billion were involved.

The judge, while dismissing the bail applications of the accused, granted accelerated hearing of the case in which the accused were in three batches.

He adjourned the case till  July 1, 2015 for hearing.

Economic and Financial Crimes Commission (EFCC ) had on the invitation of the CBN charged all the accused persons to court as a result of the roles they played in defrauding the apex bank of over N8bn mutilated money meant to be destroyed between 2010 and 2014.

The 10 accused bank officials whose bail applications were refused were ?Kolawole Babalola, Olaniran Muniru Adeola, Toogun Kayode Philips (CBN ), Isaq Akano (alias Isiaka), Ayodele Festus Adeyemi, Oyebanji Akeem, Ayodeji Alatishe, Ajiwe Sunday Adegoke (First Bank) and Oni Adekola Dolapo and Afolabi Esther Olunike (Wema Bank).

Conversely, the other five officials whose bail applications were granted were Ademola Balogun, Kehinde Fatokun, Olukunle Sijuade, Ajuwon Bolade and Samuel Ogbeide.

Faji, in his ruling submitted that Section 161 ,162 and 163 of the Constitution give the court discretional powers to admit an accused persons that committed certain degree of crimes to bail, but noted that the punishment for the crimes which accused persons had committed is maximum of 21 years and minimum of seven years.

?The judge maintained that the evidence against the 10 accused bankers were weighty and centred on the economy of the country.

The judge said: “It was before the court that the accused bankers from the First Bank in collaboration with the CBN bankers looted the sum of N773 million from 107 boxes that supposed to contain N1,070, 000, 000 mutilated N1,000 note while another boxes that supposed to contain N10 million of N1,000 was filled with newspapers, among others.

“Apart from this, all the 10 accused had money in different bank accounts, series of properties, including houses, petrol stations, landed property among others that are beyond their salary,” he added, as he declared that the court should not treat the accused bankers in this category with kid gloves.

?On the five accused bankers granted bail, the judge said that he decided to admit them to bail because their involvement were not much visibly, stressing that the EFCC had not traced property or money to their accounts.

In granting the five accused bail, Faji gave the condition as the sum of N20 million with two sureties each in the like sum and that the sureties must have property within the jurisdiction of the court and deposit the document of same with the court, which must be backed up with evidence of three year payment of tax among others.