Naira Redesign: How ICPC Discovered N258m Stashed In Sterling Bank Vaults, Managers Arrests
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Operatives of the Independent Corrupt Practices and Other Related Offences Commission (ICPC) has bursted the headquarters of Sterling Bank in Abuja, Nigeria’s Federal Capital Territory, over hoarding of N258 million stashed in the bank’s vaults.
In a tweet, the anti-graft Commission said its operatives “last week Friday, discovered the sum of Two Hundred and Fifty-Eight Million Naira (N258m) stashed in the vault at the head office of Sterling Bank in Abuja.”
According to the Commission, the operation was part of 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.
This 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.
Both the Regional and Service managers were arrested and later granted administrative bail while investigation continues, the Commission said.
Recall that commercial bank customers were hit by scarcity of new naira notes at the Automated Teller Machines (ATMs) across states of the Federation while some banks stashed millions of naira in their vaults.
