Currency Fraud: Court Denies Ten Accused Persons Bail

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.