Currency scam: Suspects allegedly destroyed N3.9b cash evidence

At the continuing trial of the CBN officials and commercial bankers involved in the N8 billion currency scam on Friday, the court was told that some of the accused persons allegedly destroyed boxes each loaded of N10 million mutilated notes amounting to N3.96 billion cash with acid and water, making them inaccessible to investigators.

Counsel for the prosecution, Mr. Rotimi Jacobs (SAN) stated this in his argument on why the accused should not be granted bail by a Federal High Court, Ibadan, the Oyo State capital.

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 on the back.

He argued that they could interfere with evidence and witnesses to be called during trial.

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 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 bankers.

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.

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 Friday.

According to Jacobs, some of the offences carry up to 21 years imprisonment, hence, bail should not be granted.

The lawyer said the sixth accused person, who is a member of the staff of First Bank, confessed in his statement that he received N8 million cash gift in several installments from the accused CBN staff in 2010, but said that he did not know that it was a profit from fraud. According to Jacobs, the accused said he could not report the case to his superior or CBN because he was afraid of being murdered. “Therefore, I urge your Lordship to put him in protective custody,” he said.

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