Mr Omotayo Igbosanu, a principal witness in the case of alleged N8 billion CBN currency scam, on Wednesday told a Federal High Court in Ibadan that two FCMB employees stole N54 million.

The News Agency of Nigeria (NAN) reports that the two FCMB employees, who allegedly connived with some CBN staff, are Kehinde Fatokun and Olukunle Sijuwade.

Testifying before Justice Joyce Abdulmaleek, the witness said that 10 boxes which were supposed to be containing N10 million each meant to be destroyed were either replaced with cut newspapers or lower denominations.

Ignosanu added that the CBN lost a total sum of N54 million to the short change because the accused persons only left N46 million in lower denominations to be destroyed.


Igbosanu further stated that prior to the isolation of the 10 boxes in August 2014, a box sent from FCMB was discovered to be containing cut newspapers instead of N1,000 denomination notes.

According to the witness, the inspection of the boxes was done in the presence of representatives of the Economic and Financial Crimes Commission (EFCC) and other stakeholders.

Abdulmaleek, however, adjourned the case till Feb. 27 for continuation of trial.

NAN reports that Fatokun, Sijuwade, Kolawole Babalola, Muniru Olaniran and Kayode Togun had since 2015 been standing trial over multiple charges bordering on conspiracy, forgery, stealing and recirculation of mutilated N8 billion at the Ibadan branch of CBN. (NAN)


Read more at http://www.herald.ng/n8bn-currency-scam-witness-accuses-fcmb-staff-stealing-n54m/#6qt0RjeddPyXPUl6.99

Just 54M?

Untill they stop giving bank licences to their friends, former classmates and cronies, this economy will NEVER grow. The biggest draw back against Nigerias economic revolution is the non existent of a strong pro-business/industry banks. What we have are a bunch of rent-seekers.., most of them fronts for ex leaders. It is insane the way we allow ponzi houses to masquered as banks. , the way we allow scammers to own banks, the way tolerate banks that cant lend to the real sector of the economy because the profits are in import trade, yet talk about economic/industrial revolution all year long. It wont happen! Most bank owners(the Lagos mercenary press in their clannish stupor call them "doyens of the banking sector" are crooks who are into it to subsidize their owanbe pastime. Get the banks out of the hands of the crooks, ensure that only banks well capitalized can be authorized to function and retrieve the soul of the banking sector from foreign shylocks who are nothing but fronts for one ex this or ex that in Nigeria and enforce reasonably strong regulatory practices, then this over abused countrys financial system/economy will have a breathing space. China has how many big banks? 2 or 3? What is Nigeria doing with 25 stuupid banks

419 criminals