Abuja - Six staff of the Central Bank of Nigeria (CBN) implicated in an N8 billion defaced and mutilated currency recycling scam have been remanded in custody.
This follows their appearance at the 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.
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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.
The accused are pleading not guilty to the charges.
Justice Ayo Emmanuel however adjourned the matter to Tuesday next week for hearing of the bail applications and July 6 and 7 for commencement of trial.
He ordered that all the defendants be remanded in Agodi prison custody, Ibadan.
- CAJ News