The prosecution in the N8 billion currency scam yesterday told the court how some of the accused persons allegedly destroyed boxes loaded with N3.96 billion with acid and water, making them inaccessible to investigators.
Mr. Rotimi Jacobs (SAN) was objecting to the applications for bail filed on behalf of the first accused person, Kolawole Babalola, at a Federal High Court, Ibadan, the Oyo State capital.
He also disclosed that 107 boxes from First Bank Ltd were opened before the accused persons during which N773 million was discovered to have been stolen.
Jacobs said another suspect, who had been on the run, had just been yielded to the Economic and Financial Crimes Commission (EFCC) by his family. But he refused to give the suspect’s name, saying he was still being investigated.
The lawyer also revealed that the cash involved in the scam is about N12 billion as against the N8 billion earlier stated. He said more revelations would be made when the trial begins.
Eight Central Bank of Nigeria (CBN) and First Bank Ltd officials are standing trial in the first of seven cases arising from the multi-billion naira mutilated currency scam.
The eight accused persons are among the 22 bankers being arraigned by the EFCC. They include six CBN officials and commercial banks.
They were arraigned on a 28-count charge bordering on forgery, misrepresentation and self-enrichment as part of the N8 billion mutilated currency fraud at the CBN.
The others are concealing of property, fraudulently acquiring assets in excess of their legitimate and provable income and causing economic adversity to the Federal Republic of Nigeria.
The accused, the court heard, acquired assets in Nigeria and Pretoria, South Africa.
In the first case, the CBN employees are Kolawole Babalola, Olaniran Adeola and Togun Kayode Phillips. Their alleged accomplices are Isiaq Akano, Ayodele Festus Adeyemi, Oyebamiji Hakeem, Ayodeji Alese and Ajiwe Adegoke.
The EFCC, in the charge, claimed that the CBN workers conspired with the First Bank employees to recycle N7 billion mutilated currency notes meant to be destroyed.
The accused, however, pleaded not guilty to the charge. A request for bail for the eight persons was brought to the court yesterday.
According to Jacobs (SAN), there was overwhelming evidence against the accused, which includes destruction of boxes of N10 million mutilated notes each but which could not be accessed due to the acid and water poured on them.
Urging the court to refuse applications for their bail, Jacobs, who read some of the statements made by the accused persons, argued that granting them bail in the face of the overwhelming evidence and the gravity of the offences allegedly committed would amount to patting them at the back. He argued that they could interfere with evidence and witnesses to be called during trial.
The senior advocate also faulted defence counsel’s further affidavit on the first accused, Babalola, describing it as “incurably defective”.
He said Babalola coordinated the activities, insisting that the tendency of the banker to abscond was high because he faces six other sister cases arising from the scam, adding that the weight of evidence could also spur him to jump bail.
“Incentive to jump bail is very high because of the weighty evidence gathered against them. He has six other cases pending against him. Therefore, the likelihood of jumping bail is high. I, therefore, urge your Lordship to refuse the application for bail and order accelerated trial.” Jacobs told Justice Olayinka Faj.
The senior lawyer also recalled that it was the CBN that blew the whistle on the scam. According to him, the apex bank discovered only one box of N10m, which was filled with only newspapers. It investigated the discovery and reported the case to the anti-graft commission.
He said some of the offences carry up to 21 years imprisonment, hence, bail should not be granted.
(The Nation)
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