ICPC Arrests Sterling Bank Managers For Hoarding N258m Redesigned Naira Notes

By Press Unit

As 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, operatives of the Independent Corrupt Practices and Other Related Offences Commission (ICPC) last week Friday, discovered the sum of Two Hundred and Fifty-Eight Million Naira (258 million naira) stashed in the vault at the head office of Sterling Bank in Abuja.

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.

@views exclusive rights: Press Unit, Independent Corrupt And Other Related Offences Commission, ICPC, February 7, 2023.