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The Patriot Institute of Journalism and Arts (PIJA), Lance Magazine is a public-centric independent media organisation dedicated to fighting injustice, fostering social justice and community development through the telling and retelling of the marginalised-oriented stories.

Naira Scarcity: ICPC Arrests Bank Managers, POS operators For Questioning

Seven Point of Sale (POS) operators and a security guard were also said to have been arrested in Osun state over alleged extortion of residents.



Over the course of few weeks, Nigerians have been lamenting since the release of the new naira notes alongside the withdrawal limit which come with naira notes not evenly dispensed among the people—these have cause for a serious concern as N20,000 naira — the daily amount withdrawal for each account owners officially stated by CBN — was not rightly followed by Banks.  Point of Sale operators have also been accused for exorbitantly charging Nigerians in their services.


In regards to the above, Independent Corrupt Practices and Other Related Offences Commission (ICPC) has took to their feet to arrest two bank managers thought to have allegedly took part in contributing to menacing the people by not intentionally dispensing new naira notes already wrapped and bundled in Automated Teller Machines.


Bank Manager of FCMB, capital of Osun State, Osogbo branch, was firstly arrested over ATMs loaded with naira notes that were blocked from dispensing.


In a statement on Friday by Azuka Ogugua, the ICPC spokesperson, the commission said the cash bundles were loaded into the ATMs while still wrapped, and as such, could not be dispensed through the machines.


“The ICPC Compliance Team in Osogbo has busted an FCMB in Osogbo, Osun State, where some ATMs were loaded with cash with their wrappers un-removed, thus preventing the cash from being dispensed,” the statement reads.


“The Team therefore directed that the wrappers be removed, and the cash loaded properly.


“However, when a follow-up visit was undertaken the following day to ascertain the level of compliance, the Team discovered that one of the ATMs was still loaded with the wrappers un-removed. The Operation Manager of the Bank was arrested and taken in for questioning.”


In another development, the commission said the branch service head of Stanbic IBTC Bank in Deidei, Abuja, was taken into custody over the “deliberate refusal to load cash into the branch’s Automated Teller Machines even when the cash was available, and people were queuing up at the ATM stand.”


“When the ICPC monitoring team stormed the bank at about 1:30pm to ensure compliance, and demanded explanation as to why all the ATMs were not dispensing cash, it was informed by the branch’s Head of Operations that the bank just got delivery of the cash,” the commission said.


“However, facts available to the ICPC operatives indicated that the branch took delivery of the cash around 11:58am and either willfully or maliciously refused to feed the ATMs with the cash.


“Against this backdrop, the ICPC team compelled the bank to load the ATMs with the redesigned Naira notes and ensured that they were all dispensing before arresting the culprit.


“Investigations are still ongoing, and the Commission will take appropriate actions as soon they are concluded.”


Seven Point of Sale (POS) operators and a security guard were also said to have been arrested in Osun state over alleged extortion of residents.


The ICPC said a probe into the activities of the POS operators revealed that they got the cash from filling stations, “but they then resell the cash to the public at exorbitant rates”.


“The arrested persons are helping the Commission with information to assist investigations and bust any syndicates involved in the hoarding or sales of the redesigned notes,” ICPC added.


Read Also: NG-CARES Fund: Abdulrazaq’s Government Squanders Kwara Youths’ Future — KYAD

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