The Independent Corrupt Practices and Other Related Offences Commission, ICPC, has announced its discovery of N258m new notes stashed away in vaults at head office of Sterling Bank in Abuja.
The uncovering is a result of the ICPC’s monitoring and enforcement of banks’ compliance with the directive of the Central Bank of Nigeria, CBN, on the distribution of the new naira notes.
Relating how the finding was made, the anti-graft agency spokesman, Mrs Azuka Ogugua, in a statement she released, said it happened last Friday when ICPC operatives stormed the bank headquarters, and met N258m in its vaults.
On inquiry, it emerged that the money is part of a bigger sum from CBN to Sterling Bank for onward distribution to the latter’s branches, but those charged with the task in collusion with senior officials in the bank had something illegal up their sleeves.
Quoting Ogugua, “The team however found out that only the sum of N5 million each was distributed to their various branches.
“Both the Regional and Service managers were arrested and later granted administrative bail while investigation continues.”
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