Ex-banker sentenced to 12 years over currency scam

The Federal High Court, sitting in Ibadan Oyo State, on Thursday, convicted one Ademola Oni, a former banker with Wema Bank, and sentenced him to twelve years imprisonment for conspiracy and money laundering.

While delivering her judgment, Justice Joyce Abudmalik ruled that he forfeits all his properties and cash in various banks as proceeds of the crime.

Ademola was arraigned by the Economic and Financial Crimes Commission (EFCC) for conspiring to steal and conceal mutilated and defaced local currency amounting to eight billion naira (N8bn) from the Central Bank of Nigeria.

Ademola, who was the 4th defendant in the matter, however, opted for a change of plea and entered into a plea bargain agreement with the prosecuting counsel.

Justice Abudmalik convicted him and sentenced him to two and half years on each of the five counts accordingly. The sentences are to run concurrently

One of the Count reads, “That you Oni Ademola Dolapo between 2010 and May 2011 in Ibadan, within the jurisdiction of this Honourable Court did collaborate with Kolawole Babalola, Olaniran Muniru Adeola, Toogun Kayode Philip, Afolabi Esther Olunike, Ademola Ebenezer Adewale and Omotosho Abimbola to conceal the genuine nature of an aggregate sum of N1,391,280,190.00(One billion, three hundred and ninety one million, Two hundred and eighty thousand, one hundred and ninety naira) which sum was illegally derived from the Central Bank of Nigeria, to wit: by inducing the Central Bank of Nigeria to deliver the said sum to WEMA Bank Plc as against the actual sum of N338,719, 810 00 (Three hundred and Twenty eight million, seven hundred and nineteen thousand, eight hundred and ten naira) and thereby committed an offence punishable under section 14 (1) (b) of the Money Laundering (Prohibition) Act, 2004.”

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