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CBN executives to be arraigned for mega scam

01 June 2015, 12:07Okoro Chinedu

Lagos - The Economic and Financial Crime Commission (EFCC) will on Tuesday arraign some top executives of the Central Bank of Nigeria (CBN) implicated in a mega scam involving the theft and recirculation of defaced and mutilated currencies.

The suspects drawn from various business units of the apex bank are to be docked by the anti-graft agency before a Federal High Court sitting in Ibadan, Oyo State, from Tuesday to Thursday.

They include Patience Okoro Eye (Abuja) , Afolabi Olufemi( Lagos), Kolawole Babalola  (Ibadan), Olaniran Muniru Adeola (Ibadan), Fatai  Yusuf Adekunle( Head, Security, CBN, (Ibadan) and Ilori  Adekunle Sunday,(Akure).

The remaining sixteen suspects are drawn from various commercial banks who were found to have conspired with the CBN executives to swing the heist.

Also Read: CBN says foreign reserves rises to N29.6bn

All the suspects who are currently in the custody of the EFCC are now ruing the day they literally allowed greed and craze for materialism to be loud their sense of judgment and responsibility, when they elected to help themselves to tones of defaced Naira notes.

It is alleged instaed of carrying out the statutory instruction to destroy the currency, they substituted it with newspapers neatly cut to Naira sizes and proceeded to recycle the defaced and mutilated currency.

The fraud is partly to blame for the failure of government monetary policy over the years as currency mop up exercises by the apex bank failed to check the inflationary pressure on the economy.

The lid on the scam which is widely suspected to have gone on unchecked for years, was blown on November 3, 2014  via a petition to the EFCC alleging that over N6, 5 billion was cornered and discreetly recycled by light fingered top executives of the CBN at the Ibadan branch.

The suspects, who were members of the Briquetting Panel, plotted their way to infamy on September 8, 2014, while carrying out a Briquetting exercise at the CBN Branch, Ibadan.

- CAJ News

Tags cbn scam fraud

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