EFCC Ducks, Staff of CBN, Sterling, Eko Bank over N2.05bn Fraud

The suspects,  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 before Justice Ayo Emmanuel of a Federal High Court, Ibadan  on an eleven-count  charge bordering on conspiracy, fraud and stealing.

Specifically, the bankers were alleged to have defrauded their banks various sums of money totaling N1, 141,303,300 using various guises and pretenses.

Babalola, Adeola  and  Toogun Kayode Philips and Tope Akintade, both staff of Ecobank Plc were docked on a 15-count charge bordering on conspiracy, fraud and stealing to the tune of N910,210,100.00k(  Nine Hundred And Ten Million, Two Hundred And Ten Thousand, One Hundred Naira only).

Cumulatively, all the suspects were alleged to have conspired to defraud both banks the sum of N2,05151, 3400.

Among the charges are “That you Kolawole Babalola, Olaniran Muniru Adeola,  Toogun Kayode Philip, Salamin Ibrahim, Oddiah Emmanuel, Roy Akinshiku (now at large) and Sobowale O. (now at large)  between 2009 and 2011 in Ibadan, within the jurisdiction of this Honourable Court, with intent to defraud, conspired amongst yourselves to commit an offence, to wit: inducing the Central Bank of Nigeria to deliver property to the Sterling Bank of Nigeria Plc/Equatorial Trust Bank , to wit: an aggregate sum of N610, 000 000.00 (Six Hundred and Ten Million Naira) as against the actual sum of N98, 696, 700 (Ninety Eight Million, Six Hundred and Ninety Six Thousand, Seven Hundred Naira) on the false pretence that the 62 boxes containing supposed mutilated currencies which were taken to the Ibadan branch of the Central Bank of Nigeria, contained a total sum of N610, 000 000.00 (Six Hundred and Ten Million Naira) and you thereby committed an offence contrary to Section 8 (a) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006 and punishable under Section 1 (3) of the same Act.

“That you between 2009 and 2011 in Ibadan, within the jurisdiction of this Honourable Court being employees of banks, owned asset to wit: the sum of N511, 303, 300 (Five Hundred and Eleven Million, Three Hundred and Three Thousand, Three Hundred Naira) which you shared amongst yourselves being money forwarded by the Sterling Bank of Nigeria Plc to the Central Bank of Nigeria as mutilated currencies and which sum was in excess of your legitimate, known and provable income and assets and you thereby committed an offence punishable under Section 7 (2) of the Bank Employees etc, (Declaration of Assets) Act, CAP.B1, Laws of the Federation, Nigeria, 2004”.

They all pleaded not guilty to the charges. Prosecutor Rotimi Jacob, SAN, prayed the court for a trial date and the remand of the defendants in prison custody, while counsel to the first  accused,  O. Bolanle,  applied for short adjournment to enable them  bring formal applications for bail before the court.

The matter has been adjourned till June 9, 2015 for hearing of the bail applications and  July 6 and 7, 2015 for trial. He ordered that the defendants be remanded in Agodi prison custody, Ibadan.

In a related charge before the same court, Babalola, Adeola  and  Toogun Kayode Philips and Tope Akintade, both staff of Ecobank Plc were docked on a 15-count charge bordering on conspiracy, fraud and stealing to the tune of N910,210,100.00k(  Nine Hundred And Ten Million, Two Hundred And Ten Thousand, One Hundred Naira only),

The bankers were alleged to have  defrauded the CBN and Ecobank Plc respectively of a total sum of N910,210,100.00k,  being money fraudulently stolen, shared among themselves in illicit banking operations and entries. One of them: Tope Akintade was also alleged to have acquired assets worth millions of Naira, which are beyond her remuneration as a banker

When the charges were read to them, they pleaded not guilty. Justice Ayo Emmanuel adjourned the matter to June 9,  2015 for hearing the bail applications and July, 2 and 3, 2015 for trial.