ICPC Uncovers ‘Hoarded’ N258 Million New Notes in Another Abuja Bank

The Independent Corrupt Practices and Other Related Offences Commission says it has uncovered N258 million of new naira notes hidden in the head office of Sterling Bank Abuja.

The anti-graft agency said this discovery was made last week Friday in a statement released on its Twitter handle Tuesday night. 

The ICPC a region manager and a service manager were granted administrative bail and its investigation into the matter would continue. 

In a separate operation, an official of Keystone Bank was also arrested for hoarding the scarce national currency and “frustrating” customers in desperate need of new notes.

This comes amid naira scarcity that has disrupted commercial activities across the country, leaving citizens stranded over the past motnh.

The crisis followed Central Bank of Nigeria’s introduction of N200, N500 and N1000 notes in October 2022. 

The policy was, according to CBN, targeted at recovering over 80 percent of the country’s currency hoarded out of the economy. President Muhammadu Buhari has continued to express his support for the policy, saying it was targeted at unscrupulous politicians ahead of the general elections later this month; while brushing off attendant hardships as only temporary.