CBN Apprehends Sterling Bank Officials For Hoarding Millions Of New Naira Notes

• As CBN Sanctions Sterling Bank, Parade Officials

The Central Bank of Nigeria (CBN) has announced sanction on a branch of Sterling Bank Plc after its officials discovered over N6 million of the new naira notes hoarded in the Bank.

The Sterling Bank branch which is located at Ado Ekiti, on Bank Road, Ado Ekiti in Ekiti State, was said to have received the funds from CBN for over two weeks.

This development was made known via a viral video footage circulating on the internet.

In the video, a man who identified himself as Oluwole Owoeye, a Deputy Director of CBN, while monitoring the distribution of the new naira notes in the state, was seen questioning the bank officials as to why they have not uploaded the funds into their Automated Teller Machines, (ATMs), despite having six of the machines in place.

Finding out that the bank blatantly disregarded the CBN directive, the Director consequently announced a fine of N1 million for each day the fund was in the bank’s custody.

The CBN official said, “I am currently at Sterling Bank, on Bank Road as part of the new naira notes monitoring compliance with the guidelines by CBN. They have N6 million, which they collected from the bank for almost two weeks, they have not disbursed any.

They said they are yet to configure their ATMs, I do not know why that and I have brought attention to the penalty clause of N1 million per day, because they have five ATMs here, they have no reason for keeping this money.

“The zonal service manager, Tunde Onipede promised that by 10:00am latest tomorrow (Monday), because I told him by latest 10:00 am I’ll be here and I want to see the machine dispensing this money.

“What is the name again? Olumide Owolabi (Service Manager, Ado) & Motunrayo Babayele.

My name is Oluwole Owoeye and I am a deputy director of CBN.”