Sterling Bank Manager, Abubakar Suleiman, Others Arrested For Hoarding N258 Million New Notes
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has arrested the Regional and Service managers of Abubakar Suleiman’s Sterling Bank Plc in the federal capital territory for hoarding N258 million of the new naira notes.
The commission, in a statement on Tuesday night said the fund was stashed in the vault of the bank at its head office in Abuja.
According to commission, “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 (N258m) 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,”
It would be recalled that CBN sanctioned the bank few days go after it discovered discovered N6 million of the new naira notes hoarded in bank, Ado Ekiti branch on Bank Road, Ado Ekiti in Ekiti State, having received the funds for over two weeks
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