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First with the News

Nigeria: EFCC Arrests Top Bank Official For Hoarding N29m Worth Of New Naira Notes

February 6, 2023
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By Enyichukwu Enemanna

Nigeria’s anti-corruption agency, the Economic and Financial Commission (EFCC) on Monday took into custody an Operations Manager of “a leading commercial bank” in the Central Area of Abuja, the commission’s spokesman, Wilson Uwujaren announced.

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The banker is accused of failing to load the branch’s Automated Teller Machines (ATMs) with the new Naira notes but instead hoarded an amount totalling N29million in the vaults.

This is coming days after President Muhammadu Buhari promised to end the scarcity of the redesigned notes of 1000, 500 and 200 Naira that has crippled commercial activities in parts of the country.

The commission’s spokesperson said before the male official was whisked away for further questioning, the operatives ordered the loading of all the ATMs in the branch.

The EFCC also ensured payment across the counter to the delight of the customers who had spent hours on queues without getting the new notes.

The anti-corruption agency stated that the latest discovery indicates “a sabotage of the government’s monetary policy by some banks”.

Uwujaren disclosed that operatives covered more than five bank branches on Monday in Abuja the Federal Capital Territory (FCT).

The operation was in continuation of the surveillance and visit to banks across the country to access their vaults and verify whether they are deliberately refusing to dispense cash.

The EFCC said it would continue the raid until normalcy is restored to the banking system, urging Nigerians finding it difficult to access funds at any bank and suspects foul play to contact the commission.

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