The Federal High Court, Ibadan, on Monday fixed June 11 for hearing the bail applications of 11 bank officials allegedly involved in the N8 billion CBN currency scam.

The Economic and Financial Crimes Commission (EFCC) had arraigned Kolawole Babalola, Adeola Olaniran and Togun Phillips, dismissed employees of the Central Bank of Nigeria (CBN) and others on June 3. Joined also in the suit are five First Bank officials – Isiaq Akao, Ayodele Adeyemi, Oyebamiji Akeem, Ayodeji Alese and Ajiwe Adegoke. Others are Oni Dolapo, Afolabi Olunike (Mrs) and Ademola Adewale, who are employees of Wema Bank Plc.

Justice Adeyinka Faji adjourned the two suits involving three CBN employees and eight members of staff of commercial banks, following the inability of the defence and prosecution to agree on processes filed, served and received. He directed counsel to the parties to regularise their processes and thereafter, ordered the continued remand of the accused at the Agodi Prisons in Ibadan.

While Mr Rotimi Jacobs (SAN), the EFCC counsel, claimed to have replied all processes served on him on June 5, some of the defence counsel said they had not received such. A number of the defence counsel also told the court that the time was insufficient to respond to the counter affidavit served on them by the prosecution.

A defence counsel, Mr Olalekan Ojo, told the court that his reply to the counter affidavit was yet to be filed. Jacobs, therefore, moved for an adjournment to give room for parties to regularise the filing of all necessary papers.

All the parties involved consented to the motion for adjournment, subject to the court’s convenience. Justice Faji consequently ruled that the matter be adjourned to June 11 and ordered the continued remand of the 11 suspects in prison custody. EFCC charged the accused with putting back in circulation mutilated currency notes meant to be destroyed and thereby contributed to the economic adversity of the country.


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