ICPC Arrests Bank Officials For ‘N258m New Notes Stashed In Vault’


The Independent Corrupt Practices and Other Related Offences Commission (ICPC) says it has arrested the officials of the Abuja head office of Sterling Bank over “N258 million” new notes “stashed” in the bank’s vault.

In a statement on Tuesday, the commission said the regional and service managers of the bank were arrested on Friday.

The ICPC, however, said the two managers have been granted administrative bail while the investigation continues.

“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 statement reads.

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

The commission also said several arrests were made in separate operations linked to the naira scarcity across the country.

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