The Federal High Court, Ibadan dismissed the bail application of three accused persons who allegedly defrauded the Central Bank of Nigeria (CBN) to the tune of eight billion Naira.

The accused, Olaniran Adeola, Togun Philip and Oyebanji Akeem and five others were arraigned in June 2015 for conspiracy, forgery, and stealing but were denied opportunity for bail on Thursday, October 20, 2016.

Olalekan Ojo, the defence counsel, had applied for the bail of the accused persons in liberal terms but Adebisi Adeniyi, the counsel to the EFCC, opposed the applications, citing the nature of the offence as a reason for the gravity of the punishment to be meted out on the accused.

In her ruling, Justice Joyce Abdulmaleek, said “I have considered the severity of the punishment which is 21 years in prison, if convicted in this ruling.

“Consequently, the application for bail by the three accused persons is hereby denied, refused and dismissed,” the judge said.

Justice Abdulmaleek, however, adjourned the case till November 3, 2016.