Naira scarcity: Managers arrested as ICPC uncovers another N258m stashed in bank head office

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has confirmed the discovery of another N258 million stashed in the head office of a bank in Abuja.

According to a statement on Tuesday night, February 7, 2023, the new notes were discovered in the bank’s vaults when an ICPC monitoring team visited the bank.

The operation was part of efforts to get the institutions to comply with the Central Bank of Nigeria (CBN) directive on the distribution of redesigned naira notes.

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The cash was the remnant of the amount the CBN earlier released to the headquarters for onward distribution.

Preliminary investigation revealed that only N5 million each was distributed to various branches.


The Regional and Service managers were arrested and granted administrative bail while the probe continues.

The ICPC also arrested the Head of Operations at a bank in Mararaba in Nasarawa State for frustrating customers seeking new notes.

A team noticed that the Automated Teller Machines (ATMs) at the branch were not dispensing cash to its customers; others could only access N1,000.

After the official’s arrest, the machine was adjusted and started dispensing N5,000 to non-customers and N10,000 to customers.

On 3rd Avenue in Gwarinpa, a bank security guard, Abdulkareem Shaibu was caught with five ATM cards used to withdraw money for unknown persons.

Ali Adam and Shafiu Umar were similarly nabbed at 1st Avenue in Gwarinpa while selling denominations of the naira.

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