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Naira Scarcity: ICPC discovered N258m in Bank, and the manager has been arrested



The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has disclosed that it discovered N258m stashed in the vault at the head office of Sterling Bank in Abuja last Friday.

The discovery, according to the ICPC, was made during its ongoing efforts at ensuring that commercial banks comply with the Central Bank of Nigeria’s (CBN) directive on the distribution of the redesigned naira note.

The Commission in a statement on Tuesday added that the discovery followed one of the Commission’s operations at ensuring that commercial banks and other interest groups do not flout the apex bank’s directive.

“When the ICPC monitoring team visited the bank and discovered the stashed new Naira notes in the bank’s vault, it was informed that the cash was the remnant of what the CBN had given the bank for onward distribution to its branches.

“The team however found out that only the sum of Five Million Naira (N5m) each was distributed to their various branches,” the ICPC stated.

The Commission confirmed that both the Regional and Service managers were arrested and later granted administrative bail while investigation continues.

The Commission has also disclosed that it effected the arrest of the Head of Operations, Keystone Bank, Mararaba in Nasarawa State for frustrating its customers at getting the new Naira notes.

“The ICPC team, while on its routine operation, found out that the Automated Teller Machines (ATMs) at the branch were not dispensing to its customers, while other bank customers were accessing only One Thousand Naira.

“It was only after the arrest was made and clarification received from CBN that the position of the officers of the Bank was not correct, that the ATMs started dispensing Five Thousand Naira to non-customers and Ten Thousand Naira to its customers,” the ICPC added.

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