The Independent Corrupt Practices and Other Related Offences Commission (ICPC) says it has arrested the Regional and Service managers of Sterling Bank Plc in the federal capital territory for hoarding N258 million of the new naira notes.
In a statement made available to the media on Tuesday night, the commission said the fund was stashed in the bank’s vault at its head office in Abuja.
According to the 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 the investigation continues.”