Find the EFCC Press statement below ...
Six staff of the Central Bank of Nigeria, CBN, implicated in an
N8billion defaced and mutilated currency recycling scam, were today
remanded in prison custody following their arraignment by the Economic
and Financial Crimes Commission, EFCC, before Justice N. Ayo Emmanuel of
a Federal High Court sitting in Ibadan, Oyo State.
The suspects: Patience Okoro Eye; Afolabi Olufemi Johnson; Ilori
Adekunle Sunday; Kolawole Babalola, Olaniran Muniru Adeola and Fatai
Adedokun Yusuf, were arraigned on a five -count charge bordering on
conspiracy, fraud and stealing.
Specifically, 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.
Instead of destroying the currencies, they allegedly recycled the notes
and substituted them with newspapers neatly cut to Naira sizes.
When the charges were read to them, they pleaded not guilty.
Count One of the charge reads:
"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, have by virtue of abuse of your office, being
employees of Central Bank of Nigeria, contributed to the economic
adversity of the Federal Republic of Nigeria when you destroyed a box
marked " Counted Audited Dirty" filled with Newspapers in place of a box
containing N10,000,000 (Ten Million Naira) of N1,000 denomination and
which activity led to the increase of money in circulation which the
briquetting exercise of Central Bank of Nigeria was intended to control
and you thereby committed an offence punishable under Section 1(2) (b)
and Section 10 (1) of the Recovery of Public Property (Special
Provision) Act, Cap. R4, Laws of the Federation Nigeria, 2014".




Count Two reads:
“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".
In view of their plea, prosecuting counsel, Rotimi Jacobs, SAN, prayed
the court for a trial date and for the defendants to be remanded in
prison custody. He opposed their bail applications and urged counsel to
the defendants to present their bail applications formally to court.
However, counsel to the 1st accused person, K. A. Lawal made an oral
application for bail. All other counsel followed suit.
Justice Emmanuel however adjourned the matter to June 9, 2015 for
hearing of the bail applications and July 6 and 7, 2015 for commencement
of trial.
He ordered that all the defendants be remanded in Agodi prison custody, Ibadan.
Media & Publicity
2nd June, 2015