The Economic and Financial Crimes Commission (EFCC) has arraigned two military officers for allegedly conniving with some bankers to steal monies meant for the payment of death benefits of deceased officers.

The suspects, Ishaka Yakubu and Akinbamidele Odunsi, were arraigned before Justice D. Z. Senchi of the Federal Capital Territory High Court in Jabi, Abuja, on November 9.

Also included as accused persons in the case were Aderemi Kolade and Violet Ofoegbunam, both bankers.

They were slammed with six-count charge of conspiracy and stealing of pension funds to the tune of N339 million.

According to a statement issued on Thursday by Wilson Uwajuren, EFCC’s spokesman, the offence breaches Section 315 of the Penal Code Act Cap 532 LFN (Abuja) 1990, and is punishable under the same Act.

The accused persons pleaded not guilty to the charges and were remanded in prison custody until their bail application came up for hearing on Wednesday.

In his ruling on the bail application, Justice Senchi admitted each of the accused persons to bail in the sum of N1 million with two sureties in like sum.

“Each of the sureties must own property worth N200 million and must deposit original title of the property with the court,” Uwajuren stated.

The case was subsequently adjourned to January 23, 2018 for continuation of hearing.