ICPC Arrests Sterling Bank Officials For Hoarding ₦258m In Vault

ICPC Arrests Sterling Bank Officials For Hoarding ₦258 In Vault

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has arrested Sterling Bank officials in Abuja over “₦258 million” new notes “stashed” in the bank’s vault.

The commission said in a statement on Tuesday that the bank’s regional and service managers were arrested on Friday.

The ICPC, on the other hand, stated that the two managers have been granted administrative bail while the investigation is ongoing.

“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 statement reads.

“The team however found out that only the sum of Five Million Naira (₦5 million) each was distributed to their various branches.”

The commission also said several arrests were made in separate operations linked to the naira scarcity across the country.

ICPC detains Keystone bank’s manager in Maramba

In Nasarawa, the head of operations of Keystone Bank in Mararaba was arrested “for frustrating its customers at getting the new Naira notes”.

“The ICPC team, while on its routine operation, found out that the Automated Teller Machines (ATMs) at the branch were not dispensing to its customers, while other bank customers were accessing only One Thousand Naira,” the statement reads.

“It was only after the arrest was made and clarification received from CBN that the position of the officers of the Bank was not correct, that the ATMs started dispensing Five Thousand Naira to non-customers and Ten Thousand Naira to its customers.”

Zenith bank

In another development, the commission stated that one Abdulkareem Shaibu, a security guard at the Zenith Bank branch on Third Avenue in Gwarimpa, Abuja, was arrested for possessing five ATM cards.

Shaibu was accused of using ATM cards to withdraw cash for people who were not in the bank at the time.

Two other suspects, Adam and Umar, were reportedly apprehended in front of the Zenith Bank branch on Gwarimpa’s first avenue for selling the new naira notes.


“In another development, two officials of FCMB Ogo-Oluwa, Osogbo have been taken into custody for assault of officers of ICPC and CBN Cash Swap Monitoring Team,” the ICPC added.

“Recall that it was reported last week that the said branch was caught twice for loading wrapped bank notes inside its ATMs.

“The team, on a follow-up visit to ascertain the bank’s compliance level, was assaulted right inside the Branch Manager’s office by the bank officials who vehemently refused to allow ICPC carry out its lawful duty, and then held hostage for about two hours.

“By the time the reinforcement of Police and NSCDC officers arrived at the scene of the incident, the masterminds of the assaults had gone into hiding, leading to the arrest of two bank officers who were also complicit.”


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