Nigerian Banks React as ICPC Arrests Officials, Discovers New Naira Notes Hidden in Vaults

Nigerian Banks React as ICPC Arrests Officials, Discovers New Naira Notes Hidden in Vaults

  • Commercial banks have reacted to new naira notes scarcity which has entered another week
  • ICPC and other security agencies have been combing banks across the country and discovering new naira notes hidden in vaults
  • Banks have said that, contrary to claims of hoarding, they are currently working with the CBN to ensure that customers have access to cash

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Nigerian banks have denied hoarding the new naira notes as security operatives storm their branches across the country

The Independent Corrupt Practices Commission(ICPC), the Economic and Financial Crimes Commission (EFCC), and other anti-graft agencies last week visited banks to investigate the distribution of the new naira notes allocated from the Central Bank of Nigeria (CBN).

The agencies have made public arrests and videos of hidden naira notes in the strong rooms of various banks, as well as ATMs that are not properly set up to distribute the new notes.

Read also

Naira Scarcity: CBN Insists Banks Get New Naira Notes Daily Despite Shut Down of Some Branches

Nigerian banks new naira notes
Banks deny hiding new naira notes Credit: NGX
Source: Facebook

Banks react

The Association of Corporate Affairs Managers of Banks (ACAMB) has reacted by stating that banks are not hiding the new naira notes.

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In the statement signed by Rasheed Bolarinwa, the president of ACAMB, the association sympathized with Nigerians over the unintended effects of the ongoing deployment of redesigned naira notes.

Part of the statement reads:

“There is no doubt that the unintended constraints in the withdrawal of old naira notes and circulation of new naira notes, alongside the national policy to enhance cashless transactions, have had unintended effects on the generality of the Nigerian populace.”
“ACAMB affirms that without any equivocation banks are not in any way hoarding or holding back naira notes or engaging in any act inimical to our avowed commitment to exciting customer experience.

Read also

ICPC bursts popular commercial bank, discovers N258m new notes hidden in vault, makes arrests

"ATMs are being loaded every day and cash is being paid as provided by the CBN, as regularly being checked by CBN inspectors and other regulators including anti-graft agencies.”

The Punch reports that ACAMB further urged the Nigerian banking public to exercise patience and not to resort to any untoward behavior against bank staff or banking facilities.

Association condemns attacks on banks

Also, the Association of Senior Staff of Banks and Other Financial Institutions (ASSBIFI), during the weekend, condemned the attacks on banks and staff as a result of the naira scarcity.

ASSBIFI, in a statement by Olusoji Oluwole, its president, also said that bank staff are not saboteurs as insinuated by the public.

According to the statement, Nigerian banks are currently working with the CBN to ensure that customers have access to cash through ATMs and other channels as well as Over-The-Counter (OTC), in the banking halls.

Man slumps and dies in the bank after standing for long hours

Read also

Sterling Bank reacts to allegation of hoarding N258 million by ICPC

In another report, revealed a man has reportedly lost his life after standing in a queue for long hours at a bank in Delta state.

The middle-age-man who lives in was said to have visited the bank to get his ATM for him to make a withdrawal, the Nigerian police confirms.

In the last few weeks, Nigerians have endured long hours of waiting in banking halls and ATMs to make withdrawals.


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