Abuja - The Federal High Court in Ibadan has dismissed the bail application brought by six former staff of the Central Bank of Nigeria (CBN) implicated N8billion mutilated currency recycling fraud.
The Economic and Financial Crimes Commission (EFCC) is seeking the prosecution of Patience Okoro Eye, Afolabi Olufemi Johnson, Ilori Adekunle Sunday Kolawole Babalola, Olaniran Muniru Adeola and Fatai Adedokun Yusuf.
Justice Nathaniel Ayo Emmanuel of the Federal High Court on Monday dismissed their application for bail, stating that the interest of the accused must not only be considered while looking at their application but that of the common man and the society.
He said the court was refusing the accused persons bail because of the gravity of the offence which borders on the economy and well being of the people of the country.
Justice Emmanuel in dismissing their application ordered for accelerated hearing.
He also warned counsel that he would not entertain frivolous applications.
Also read: CBN fraud: Bank workers remain in custody
The accused persons were arraigned earlier this month on 28-count charge bordering on fraud and stealing.
Specifically, the former apex bank employees are alleged to have compromised the CBN's Briquetting exercise, meant to combat the inflationary spiral in the economy, occasioned by excess dirty notes.
The matter has been adjourned to July 6 and 7 for trial.
Meanwhile, Justice Emmanuel also dismissed the bail application brought by three former staff of CBN and two staff of Sterling Bank.
The accused: Kolawole Babalola, Olaniran Muniru Adeola, Toogun Kayode Philips (all former staff of the CBN) and Salami Ibrahim and Oddiah Emmanuel ( both staff of Sterling Bank Plc) were arraigned on an 11-count charge bordering on conspiracy, fraud and stealing.
They are alleged to have defrauded their banks various sums of money totaling more than N1 billion.
- CAJ News