Redesigned Naira: ICPC arrests bankers in Abuja, Osogbo



Uba Group

The Independent Corrupt Practices and Other Related Offences Commission on Friday announced the arrest the Branch Service Head of Stanbic IBTC Bank, Deidei Branch, Abuja for hoarding the redesigned Naira notes.

The agency in a statement said the bank’s staff was taken into custody for her deliberate refusal to upload cash into the branch’s Automated Teller Machines even when the cash was available, and people were on queue at the ATMs.

The agency described her action as sabotage.

“When the ICPC monitoring team stormed the bank at about 1:30pm to ensure compliance, and demanded explanation as to why all the ATMs were not dispensing cash, it was informed by the branch’s Head of Operations that the bank just got delivery of the cash.

“However, facts available to the ICPC operatives indicated that the branch took delivery of the cash around 11:58am and either willfully or maliciously refused to feed the ATMs with the cash.

“Against this backdrop, the ICPC team compelled the bank to load the ATMs with the redesigned Naira notes and ensured that they were all dispensing before arresting the culprit.”

The Commission promised to take appropriate actions after a thorough investigation.

In a related development, the ICPC said its Compliance Team in Osogbo busted an FCMB branch where some ATMs were loaded with cash with their wrappers un-removed, thus preventing the cash from being dispensed.

The team therefore directed that the wrappers be removed, and the cash loaded properly.

“However, when a follow-up visit was undertaken the following day to ascertain the level of compliance, the team discovered that one of the ATMs was still loaded with the wrappers un-removed.

“The Operation Manager of the Bank was arrested and taken in for questioning.

“Similarly, seven Point of Sale (POS) operators as well as a security guard were arrested during the ongoing exercise in Osun State for charging exorbitant commissions for cash.

“Investigations however, revealed that they got the money from Filling Stations that collect new notes from fuel buyers, but they then resell the cash to the public at exorbitant rates.

“The arrested persons are helping the Commission with information to assist investigations and bust any syndicates involved in the hoarding or sales of the redesigned notes.”

Meanwhile, the Inspector General of Police, Usman Baba has ordered the arrest and prosecution of persons selling or abusing naira notes.

The police spokesperson, Muyiwa Adejobi, disclosed in a statement on Friday.

The IGP also directed the Deputy Inspector-General of Police in charge of the Force Criminal Investigations Department (FCID) and the Assistant Inspector-General of Police in charge of the Force Intelligence Bureau to place officers across the country on high alert to carry out the directive on the sale or abuse of the Naira notes.


The police spokesperson stated that the directive is in furtherance of the Federal Government’s policy and drive to uphold the provisions of the Central Bank of Nigeria Act,

“The IGP has similarly charged all supervisory Assistant Inspectors-General of Police and Commissioners of Police in charge of Police Commands and Formations to carry out full enforcement of the provisions of Sections 20 and 21 of the Central Bank of Nigeria Act, 2007 which criminalizes amongst other things the hawking, selling or otherwise trading, spraying of, dancing or matching on the Naira notes, falsifying or counterfeiting of bank notes, refusal to accept the Naira as a means of payment, tampering with the coin or note issued by the CBN.

“The Inspector-General of Police reiterated the mandate of the Nigeria Police Force to enforce all laws and regulations without any prejudice to the enabling Acts of other security agencies and urged all and sundry to cooperate with the Nigeria Police Force as it brings the long arm of the law to bear upon all violators of the provisions of the CBN Act, and other extant statutes in Nigeria, with a view to having a well-policed society in all ramifications within the country,” the statement added.