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The
Economic and Financial Crimes Commission (EFCC) is set to charge six
top officials of the Central Bank of Nigeria (CBN) and 16 others to a
Federal High Court on June 2, for a sum of 8b Naira currency fraud.
The commission said in a statement signed by its Head of Media &
Publicity, Wilson Uwujaren, on Sunday that it would bring the executives
before the court for their involvement in the theft and re-circulation
of defaced and mutilated currencies.
According to the EFCC, “The Economic and Financial Crime Commission
(EFCC) has concluded arrangement to arraign in court, five top
executives of the Central Bank of Nigeria (CBN), implicated in a mega
scam involving the theft and re-circulation 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 June 2, 2015 to Thursday June 4,
2015.
“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 commission explained further that “the remaining 16 suspects were
drawn from various commercial banks, who were found to have conspired
with the CBN executives to swing the heist. 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 becloud their sense
of judgment and responsibility, when they elected to help themselves to
tones of defaced Naira notes.
“Instead 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 was 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, 575, 549, 370.00 (Six Billion, Five Hundred
and Seventy-Five Million, Five-Hundred and Forty-Nine Thousand, Three
Hundred and Seventy Naira) 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. In banking parlance, Briquetting is
disintegration and destruction of counted and audited dirty notes. By
this practice, depositor banks usually take mutilated notes to the CBN
in exchange for fresh notes equivalent of the amount deposited.
“The depositor banks in this instance, are Zenith Bank, FCMB, Wema Bank,
Access Bank, First Bank, Skye Bank, Ecobank and Sterling Bank. But
while carrying out the assignment, the team were alleged to have found
one of the currency boxes filled only with old newspapers rather than 20
bundles of N1000 notes. A similar case, according to investigation, had
been discovered on September 22, 2014 when a box that was supposed to
contain N500 notes to the tune of N5billion was filled with old
newspapers,” the commission said.
The EFCC stressed further that “unlike in the past, this fraud could not
be swept under the carpet, as a member of the Briquetting Panel from
the Osogbo branch blew the lid on the illicit deal.
“In a statement, the informant stated that the exercise was designed to
last between August 4 and 8, 2014. The 35-year-old, however, stated that
she discovered a strange ‘sight’ while opening the third box on the
second day of the exercise. It was a discovery that beat her ken.
“A five count charge awaits the suspects as they prepare to face the wrath of the law.”
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