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Court jails two ex-bankers, for N8bn CBN fraud

A Federal High Court sitting in Ibadan on Wednesday sentenced a senior clerk with the Central Bank of Nigeria, Mr. Toogun Kayode Philip; and Mrs Esther Afolabi of Wema Bank to three-year imprisonment for their roles in the N8bn currency mutilation fraud.

Afolabi and Philip were sentenced after Justice Joyce Abdul-Malik found them guilty of the six-count charge preferred against them by the Economic and Financial Crimes Commission.

The trial was abridged following the plea bargain agreement entered into by the convicts and the prosecution counsel.

Before her ruling, Justice Abdul-Malik adopted the plea bargain agreement involving the prosecution and defence counsel.

The judge said although the defendants showed remorse, the court had to act appropriately by convicting and sentencing them to three-year imprisonment of 12 calendar months a year, adding that they were also to forfeit all the property illegally acquired from the proceeds of the fraud to the Federal Government.

The judge said, “The defendant, Toogun Philip, originally charged with the offences of obtaining by false pretence, conspiracy, inducement, false entries and forging of documents having shown remorse for his actions hereby changes his plea to guilty through this agreement and shall forfeit the following properties to the Federal Government: three-bedroom apartment situated at Oganla Area of Omi-Adio, Ibadan.

“The convict will also forfeit the entire sum of funds in Access Bank Account No. 0041991002 in the name of Toogun Kayode Philip.”

The judge said that Afolabi would forfeit to the Federal Government certain assets traced to her such as a five-bedroom duplex situated at No. 8, Fatoke Street, Molete area, Ibadan, a filing station, Oba Oil and Gas Limited located at Liberty Academy Area, Ibadan, and a borehole machine/rig located at Ibadan.

Justice Abdul-Malik explained that under the plea bargain agreement, Afolabi would forfeit amounts in bank accounts traced to her.

They are a First Bank of Nigeria Plc account No. 3052548786 in the name of Afolabi Esther Olunike, with all the accruable interest; another First Bank of Nigeria Plc account No. 2022878379 in the name of Afolabi Esther Olunike, with all the accruable interest; a Zenith Bank account No. 2005307166 in the name of Afolabi Ayobami with all the accruable interest.

Others are: a Zenith Bank account No. 2009360514 in the name of Afolabi Esther Olunike with all the accruable interest; a Zenith Bank account No. 1012682804 in the name of Afolabi Esther Olunike, with all the accruable interest; a GTB account No. 0123240780 in the name of Afolabi Esther Olunike, and a GTB account No. 0117895356 in the name of Afolabi Ayobami with all the accruable interest.


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