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N8b currency scam

Syndicate behind fraud in CBN

The Nation - 17-02-15a
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A witness in the alleged N8 billion Central Bank of Nigeria (CBN) currency scam case yesterday said there was a syndicate behind the fraud at the Ibadan branch .

Testifying before Justice Nathaniel Ayo-Emmanuel, Edwin Ennah, a retired Head of Currency Processing and Disposal Unit, said he discovered some people were replacing cut newspapers and lower denominations with N1,000 notes meant for destruction. He said since he made the discovery in 2013 no investigation was conducted to verify.

Ennah added that his investigation revealed that there were 11 boxes containing N10 million each of N1,000 denomination, totalling N110 million. These, he added, were replaced with lower notes and newspapers cuttings.

The witness stated that CBN lost over N65 million in that incident.

Ennah said upon discovery of the fraud in the boxes sent by Sterling Bank, he asked the bank to send its representatives to witness the inspection of the boxes. The witness said he was surprised that the bank declined, until he reported the matter to the CBN office in Abuja, which compelled it to comply.

The fifth accused, Emmanuel Ordia, filed a bail application on grounds of ill health.

The prosecution counsel, Adebisi Adeniyi, prayed the court to reject the arguments adduced by the defence counsel, A. Adebayo. Justice Ayo-Emmanuel adjourned ruling on the bail application and further trial till today.

Kolawole Babalola, Muniru Olaniran, Kayode Togun, Ibrahim Salami and Emmanuel Ordia along with others have been on trial since 2015.

Tags: Justice Nathaniel Ayo-Emmanuel, Edwin Ennah,Central Bank of Nigeria, CBN,Adebisi Adeniyi,Kolawole Babalola, Muniru Olaniran, Kayode Togun, Ibrahim Salami and Emmanuel Ordia

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