The Economic and Financial Crimes Commission today arraigned six persons, including a woman said to have been involved in re-circulating high denomination currencies that the Central Bank of Nigeria has ordered withdrawn from circulation.
The scam, perpetrated by now dismissed staff of Central Bank of Nigeria and a staff of Wema Bank, was valued at N8 billion, about $40 million dollars, before the bubble burst.
Their charge read:
“That you Patience Okoro Eye; Afolabi Olufemi Johnson; Ilori Adekunle Sunday; Kolawole Babalola, Olaniran Muniru Adeola and Fatai Adedokun Yusuf on or about 5th August, 2014 in Ibadan within the jurisdiction of this Honourable Court, have by virtue of abuse of your office, being employees of Central Bank of Nigeria, contributed to the economic adversity of the Federal Republic of Nigeria when you destroyed a box marked ” Counted Audited Dirty” filled with Newspapers in place of a box containing N10,000,000 (Ten Million Naira) of N1,000 denomination and which activity led to the increase of money in circulation which the briquetting exercise of Central Bank of Nigeria was intended to control and you thereby committed an offence punishable under Section 1(2) (b) and Section 10 (1) of the Recovery of Public Property (Special Provision) Act, Cap. R4, Laws of the Federation Nigeria, 2014″.
The moods of the accused are captured here on arraignment day at the Federal High Court, Ibadan, in Oyo state, western Nigeria.
