Naira Scarcity: EFCC Arrests Bank Manager in Abuja for Hoarding N29 Million New Notes

Naira Scarcity: EFCC Arrests Bank Manager in Abuja for Hoarding N29 Million New Notes

  • The EFCC has arrested an operations manager in one of the new generation banks in Abuja
  • The EFCC arrested the bank manager following a tip-off that he was hoarding about N29million in new notes
  • Before whisking him away, the EFCC ordered that they load the bank's ATMs with the discovered bank notes and start payment over the counter

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The operatives of the Economic and Financial Crimes Commission on Monday, February 6, 2023, arrested an operations manager of one of the leading banks in Abuja for refusing to load the bank's ATMs with new notes despite having N29 million of the new banknotes in the vaults.

Before taking away the bank manager, the EFCC officials asked that the bank load the ATMs with the discovered notes and commence the immediate payment of the new notes across the counter in line with CBN's directives.

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EFCC, CBN Bank Manager
EFCC leading away the bank manager in Abuja Credit: EFCC
Source: Facebook

Hoarding is a violation of CBN's monetary Policy

Having new notes in the bank's vault and not paying customers violates the CBN's monetary policy. The arrest by the anti-corruption agency was made in continuation of the ongoing surveillance of banks across the country to access their strong rooms and vaults to verify the availability of new naira notes.

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Vanguard reports that the EFCC inspected over five bank branches in Abuja on Monday. The EFCC carried out similar zonal commands across the country.

EFCC to continue to monitor banks

According to a statement by the EFCC, monitoring and arresting recalcitrant bank officials will be ongoing until the queues disappear and the new notes are well circulated.

The anti-graft agency asked Nigerians to report any suspicious moves by banks to the EFCC for immediate intervention.

Read also

Cash Scarcity: ICPC Busts Another Bank, Discovers Hidden N250m New Naira Notes, Arrests Officials

CBN Discovers N6 million new naira notes hoarded in Ekiti bank for two weeks

Recall that reported that A team from the Central Bank of Nigeria in Ekiti State on Sunday, February 5, 2023, uncovered N6 million new naira notes hoarded in one of the new generation banks in Ado Ekiti.

The bank, located along the bank road in Ado Ekiti, kept the cash for two weeks while most Nigerians kept vigil at ATMs.

Vanguard reports that CBN's Deputy Director, Oluwole Owoeye, uncovered the new naira notes while inspecting the bank in the state.


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