Nigeria News

N8bn scam: How bankers splashed money on property, exotic cars

Following the arrest of six Central Bank of Nigeria officials and other bankers last week by the Economic and Financial Crimes Commission (EFCC), their case continued at the Federal High Court, Ibadan, on Wednesday, June 3.

It has emerged that one of the accused persons, Ayodeji Alase of First Bank, has property worth hundreds of millions of naira.

Alase, who is said to be a primary school certificate holder, also allegedly has had a duplex at Oluyole Estate in Ibadan, a shopping complex in the city, a warehouse at Podo area of the city, a fenced plot at Dugbe, a block of four flats at Apeye, two plots of land and five-bedroom flat in other parts of the Oyo State capital.

He was alleged to have a credit balance of N132m in one of his bank accounts.

The commission also alleged that Alase possessed a block of five-bedroom flat at Apete, Ibadan and a supermarket at New Garage, Apata area of Ibadan.

Alase was employed as a guard in First Bank Plc. but rose to become a cash assistant.

Other accused persons, including Olaniran Adeola, Ayodele Adeyemi, Isiaq Akano and others were also said to own property in South Africa, filling stations, cement shops, schools, supermarkets, exotic cars and buildings in several locations in Nigeria.

The rest of the accused are Kolawole Babalola, Toogun Phillip, Oyebamiji Akeem, Ajiwe Adegoke and Idowu Oguntade, who is still at large.

Three officials of the CBN are among the accused, while others are from Wema Bank Plc and First Bank Plc.

The case was adjourned till June 8, 2015 for hearing of the bail applications.

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