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Published On: Thu, Oct 19th, 2017

N8bn CBN scam: How N8.3m was substituted with paper – Witness

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Omotayo Sowunmi, a witness in the alleged N8 billion CBN currency scam case, on Wednesday said that the apex bank lost N8.3 million in a single box meant to contain N10 million.
Testifying before Justice Nathaniel Ayo-Emmanuel of the Federal High Court, Ibadan, Mr. Sowunmi, a staff of Ecobank, said he was present when the box meant to contain 20 bundles of N1, 000 was opened.
He said that the box was, however, filled with lower denominations of the naira and paper cut to the size of currency notes.
“Once the box was opened, it was very obvious to everyone present that the box contained interleaves of lower naira notes and paper cut to the size of money.
“Each bundle was only covered with few N1, 000 notes so as to make it look as if all the notes there were N1, 000 notes.
“Furthermore, after all our calculations, it was discovered that only N1.7 million of the actual sum of N10 million could be found while the CBN lost N8.3 million,” said Mr. Sowunmi.
Corroborating Mr. Sowunmi’s testimony, a CBN official, Max Ekeagba, said that he was also present when the mutilated naira notes were discovered to have been replaced with cut paper.
The News Agency of Nigeria reports that Mr. Ekeagba is a Senior Supervisor in the Currency Disposal Unit at the Ibadan branch of the CBN.
Justice Ayo-Emmanuel adjourned the case till November 7 for continuation of trial.
NAN recalls that Kolawole Babalola, Muniru Olaniran and Kayode Togun along with others have been on trial since 2015.
The accused are facing multiple charges bordering on conspiracy, unlawful conversion, re-circulation of mutilated currency and stealing of N8 billion at the Ibadan office of CBN. (NAN)

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