The Economic and Financial Crimes Commission (EFCC) on Tuesday arraigned officials of the Central Bank of Nigeria (CBN) and other banks in the Federal High Court, Ibadan, for their roles in the recycling of mutilated currencies worth N8bn.

The trial, which took place before Justice Ayo Emmanuel, had Patience Okoro, Afolabi Johnson, Ilori Sunday, Kolawole Babalola, Olaniran Adeola and Fatai Yusuf being arraigned on five counts of conspiracy, diversion and stealing of mutilated currencies meant for briquetting.

They were accused of replacing the mutilated currencies with cut-to-size newspapers and diverting the money for personal use.

Also arraigned are Kayode Philips, Salami Ibrahim and Odiah Emmanuel in another conspiracy charges with other officials of CBN and other banks.

They were arraigned on 11 counts in another fraudulent ring involving multi million naira mutilated currencies.

The court heard that Roy Akinsiku and O. Sobowale, who are among the suspects, were at large.

CBN had said, “During a routine internal audit of the Bank’s Cash Destruction activities in September 2014, the CBN Briquetting Panel, comprising Senior Bank Staff from different branches, noticed some anomalies at the Ibadan Branch, and immediately reported this to the Bank’s Management.

“On further investigation ordered by the Governor, it was discovered that a systematic scheme, which has been on for several years, was being run, in which mutilated higher denomination notes, originally meant for destruction, were swapped with lower denomination currencies.”

The five counts, read to the accused persons, accused them of committing an offence contrary to Section 7 (2) of the Bank Employees (Declaration of Assets) Act Cap. B1, Laws of the Federal Republic of Nigeria.

Counsel for the accused persons, Olayinka ‎Bolanle, pleaded that the accused be admitted to bail, but the move was opposed by EFCC lead prosecutor, Mr. Rotimi Jacobs (SAN).

Presiding judge, Justice Emmanuel, ruled that the accused persons be remanded in EFCC’s custody or at the Criminal Investigation Department, Iyaganku Police Division, Ibadan.

He fixed June 9, 2015 for the argument of bail application.

He added that proper trial would begin between July 6 and 7, 2015.

Justice Emmanuel said, “Having considered the various applications by the counsel in this case, and having considered the proof and charges, I see that they are weighty and I will not allow such applications to be made orally.

“All counsel should properly file the applications for all the issues therein to be addressed. The matter is hereby adjourned till June 9 for the bail application and July 6 and 7 for trial.

“The accused persons are hereby remanded in the prison.”