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Metro N8bn Mutilated Currency Theft: CBN Staff, Ex Banker Sentenced to 18 Years in Prison



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A staff of the Central Bank of Nigeria staff, Philip Togun, and Esther Afolabi, a former staff of WEMA Bank have been sentenced to 18 years in prison by a Federal High Court in Ibadan.

They were arraigned for conspiracy, conversion, forgery, re-circulation of mutilated currencies and stealing CBN’s mutilated currencies worth N8 billion by the Economic and Financial Crimes Commission (EFCC).

Togun, a former Treasury Assistant at CBN Ibadan branch and Afolabi, have been standing trial since 2015 alongside Kolawole Babalola, Muniru Olaniran, Festus Adeyemi, Yusuf Fatai, Olukunle Sijuwade, Emanueal Ordia and Patient Okoro.

Two others — Ademola Oni and Tope Akintade — had earlier opted for plea bargain and were similarly sentenced upon fulfillment of the terms of the plea bargain.

Delivering judgement, justice Joyce Abdulmaleek said:

“I hereby convict the fourth accused person, Philip Togun, for counts 15, 17 and 19 respectively and convict the fifth accused person, Esther Afolabi, for counts 16, 18 and 19 respectively.

“Togun is sentenced to three years in prison for each of the three counts of 12 calendar months a year to commence from Jan. 1, 2016.

“The convict shall forfeit to the Federal Government of Nigeria the following assets found in his possession; a building located in Ibadan and the money in the two bank accounts operated by the convict.

“Afolabi is also sentenced to three years imprisonment for each of the three charges, 12 calendar months of the year, commencing from Jan. 1, 2016.

“The convict shall forfeit the following assets which are the proceeds of the crime to the Federal Government of Nigeria — a five-bedroom duplex, a filling station, the entire money scattered across seven different bank accounts in Nigeria,” the judge ruled.

The judge added that the sentences would run concurrently.


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